MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

MNI China Daily Summary: Tuesday, April 23

RPT-MNI INTERVIEW: Kaplan Says Loose Fiscal Is Holding Up Cut

MNI BRIEF: Hungary Central Bank Cuts To 7.75% As Expected

MNI: PBOC Conducts CNY2 Bln Via OMO Tues; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1059 Tues; -5.03% Y/Y

MNI: US REDBOOK: APR STORE SALES +5.1% V YR AGO MO

CBRT Data Watch

MNI: US APR PHILADELPHIA FED NONMFG INDEX -12.4

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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Treasuries Reverse Yesterday's Sell-Off With Fedspeak & Supply Ahead

US TSYS
  • Cash Tsys firmed through Asia hours with the China Defense Minister stressing no outside force has the right to interfere with Taiwan and a firming has continued through London hours.
  • With the belly leading the way, the extension was also helped by the growth negative rather than inflation positive aspects of Russia planning to not supply oil or petroleum products to countries that will introduce a price cap, along with the OECD forecasting global growth of just 2.2% in 2023.
  • 2YY -5.4bps at 4.498%, 5YY -8bps at 3.943%, 10YY -3.6bps at 3.791%, and 30YY -1.4bps at 3.882%.
  • TYZ2 trades 6 ticks higher at 112-16, just within a session high of 112-18 on subdued volumes. The trend needle points north with resistance at 113-11 (Nov 16 high) whilst support is seen at 111-22 (20-day EMA).
  • Fedspeak: Mester (1100ET), George (1415ET), Bullard (1445ET)
  • Data: Richmond Fed mfg, Nov (1000ET) after decidedly mixed regional Fed surveys to date for Nov.
  • Front-loaded issuance ahead of Thanksgiving closures: US Tsy $22B 2Y FRN auction re-open (91282CFS5) – 1130ET, US Tsy $35B 7Y Note auction (91282CFY2) – 1300ET
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