MNI BRIEF: Japan June Services PPI Rises 3.0% Vs. May's 2.7%

BOC SAYS DOESN'T NEED TO ALTER PATH OF QT RIGHT NOW

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MNI China Daily Summary: Wednesday, July 24

MNI: PBOC Net Drains CNY203.9 Bln Via OMO Wednesday

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MNI: JAPAN JUNE SERVICES PPI +3.0% Y/Y; MAY REV +2.7%

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Treasury Futures Grind Lower Ahead Of Busy Day Of Fed Speak

US TSYS
  • Jun'24 10Y have continued to grind lower all throughout the Asian session, with China, Hong Kong and Taiwan out, volumes have been on the low side, futures opened the session at 109-29+, and now trades near intraday lows at 109-24.
  • Cash Treasury curve has bear-steepened throughout the day with the 2Y yield now +0.6bp 4.679%, 10Y +1.8bp to 4.365%, while the 2y10y +0.781 at -31.937.
  • Elsewhere in the region, ACGBs yields were 2-4.5bps higher. NZGBs flattened with yields 2bps higher to 0.5bp lower, while JGBS saw a positive 30y auction with the curve largely unchanged.
  • Looking Ahead: Weekly Jobless Claims and Trade Balance will be followed by a heavy spate of Fed speakers: Philly Fed Harker, Richmond Fed Barkin, Chicago Fed Goolsbee, Cleveland Fed Mester, MN Fed Kashkari, StL Fed Musalem and Fed Gov Kugler expected to weigh in on the economy.
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