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

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

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

Tax Revenue Tracking Around E10bln Lower than YTD Forecast (2/2)

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 Yield Curves Reverse Early Flattening

US TSYS
Tsys see-sawed in weaker range all session, near lows after the bell. Generally quiet end to the week: no react to Wholesale inventories (2.5%)/trade sales (1.7%) earlier. Two-way positioning/squaring up ahead the weekend, markets keeping wary eye on geopol headline risk re: Russia war in Ukraine, continued global sanctions.
  • Yield curves inched steeper, however, after trading flatter in early trade. Currently, 2s10s nearly 30bp off Sunday evening inverted low of -9.531 at +19.542 (+.320) while 3s, 5s and 7s remain inverted vs. 10s (-1.872, -4.547, -8.477 respectively).
  • Limited data (NY Fed survey of consumer expectations at 1100ET) kicks off next week's shortened* pre-Easter holiday trade though several Fed speakers scheduled on Monday:
    • Atl Fed Bostic open remarks: Fed Listens event in Nashville; Fed Govs' Bowman and Waller closing remarks at same event at 0930ET
    • NY Fed John Williams CME/Economic Club of New York event
    • Chicago Fed Evans economic outlook at 1240ET
  • Treasury supply:
    • US Tsy $57B 13W, $48B 26W bill auctions at 1130ET
    • US Tsy $46B 3Y Note auction (91282CEH0) at 1300ET
  • * Note: CME floor closes early Thursday, April 14 at 1300ET, markets closed next Friday for Easter holiday.
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