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

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

EZ/UK Bond Supply Calendar: UK, GR Synd; DE Auction Wednesday

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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Tsy Curves Extend Inversion Ahead Dec Employ Data

US TSYS
Tsys futures hold moderately mixed after the bell, yield curves broadly flatter w/ 2s-10s weaker vs. Bonds. At the moment, 2s10s extends inversion by -6.607 to -73.880 still well off Dec 7 low of -85.240.
  • Tsys sold off after stronger than expected Dec ADP private jobs gain of +235k (+150k est) and lower than expected weekly claims (-19k to 204k). Tsy 30YY tapped 3.8729% high in the first half before gradually scaling back over the next couple hours.
  • Prop desks questioned the veracity of data around the holidays as futures hit the bottom of the vol range and bounced. Short end rates remain under pressure but off lows following mixed Fed speak:
    • Atlanta Fed President Raphael Bostic said Thursday the Fed has work to do to bring inflation back to 2% regardless of recent signs that price pressures are easing.
    • StL Fed Bullard lending to rebound in risk appetite: "2023 MAY BE YEAR INFLATION SURGE WILTS" and "it now appears that the policy rate will move into the sufficiently restrictive zone during 2023".
  • Fed funds implied hike for Feb'23 at +0.9bp to 35.8bp, Mar'23 cumulative 56.1bp to 4.892%, May'23 67.2bp to 5.003%, terminal climbs to 5.025% in Jun'23-Jul'23.
  • Focus turns to Fri's Dec NFP: +200k est vs. +263k prior.
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