MNI China Press Digest July 17:  Investment, LPR, H2 Priority

MNI BRIEF: NZ CPI Prints Lower Than Expected At 3.3% Y/y

MNI: PBOC Net Injects CNY268 Bln Via OMO Wed; Rates Unchanged

CHINA PBOC CONDUCTS CNY270 BILLION VIA 7-DAY REVERSE REPOS WED

MNI: PBOC Sets Yuan Parity Lower At 7.1318 Wed; -1.32% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1318 WED VS 7.1328

Survey date avoids Swift concerts - but accomodation is still very high

Swift categories boost services CPI by 0.19ppt; headline by 0.09ppt (CORRECT)

Swift categories boost services CPI by 0.19ppt; headline by 0.09ppt (CORRECT)

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

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

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Treasury Futures Head Lower After Waller Comments, Yields 1-3bps Higher

US TSYS
  • Jun'24 10Y have gapped lower on the open as Fed Reserve Gov Waller spoke where he has mentioned the Fed should wait to see more data before cutting rates. Futures opened at 110-28, before hitting a low of 110-22 we trade just off those levels at 110-24 down 04+ for the day.
  • Looking at technical levels: Initial support lays at 110-08+ (Mar 21 low) while below here the 109-24+ (Mar 18 low/ the bear trigger), further down 109-14+ (Nov 28 low). While to the upside resistance holds at 110-30+ (Mar 21 & 22 high), above here 110-31+ (50-day EMA), while a break above here would open a retest of 111-24 (Mar 12 high).
  • Cash Treasury curve bull-flattened on Wednesday, with yields 2-5bps lower. As cash trading gets underway on Thursday curves have bear-flattened with the 2Y yield +2.7bps at 4.593%, 10Y +1.0bps to 4.200%, while the 2y10y -1.306 at -39.702
  • Waller stated that he would require a "couple of months" of improved inflation data before considering a rate cut, expressing uncertainty about recent inflation trends. While rate cuts may be appropriate later in the year, Waller is not convinced that recent productivity growth will persist. He noted mixed signals in labor supply and demand data and believes the risk of waiting to cut rates is lower than acting prematurely.
  • Thursday Data Calendar: Weekly Claims, GDP, PCE, PMI, UofM Sentiment.
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.