TEST3, PLEASE IGNORE

TEST, PLEASE IGNORE

MNI China Daily Summary: Monday, June 17

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MNI: PBOC Conducts CNY182 Bln Via 1Y MLF Mon; Rates Unchanged

EZ/UK Bond Supply Calendar: UK, Germany Auction on Tuesday

EZ/UK T-Bill Calendar: 6-Month ESM-Bill Auction on Tuesday

Empire Survey Shows Improving Manufacturing Optimism At End-Q2

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 Yields Recede, Inflation Exp Rise

US TSYS
Subdued start to a busy week for central bank policy annc, FOMC on Wed, BoE and ECB on Thursday. Modest volumes with no data Monday (TYH2 just over 790k late), though NY Fed released 1Y inflation expectation of 6% underpinning rates.
  • Rates marched steadily higher from narrow pre-open levels. Yield curves bear steepening (5s30s back below 60.0 at 59.605 late), 30YY 1.7991% low, 10YY 1.4105% low.
  • Trading desks reported selling into the grinding bid swap-tied selling in intermediates, domestic real$ selling 30s. No corporate or Tsy coupon supply tied hedging. Either risk-off with two-three waves of program selling in equities (ESH2 -30.0 late) -- or simply position squaring ahead the FOMC.
  • Tuesday data focus PPI Final Demand MoM (0.6%, 0.5%); YoY (8.6%, 9.2%).
  • The 2-Yr yield is down 1.2bps at 0.6425%, 5-Yr is down 3.8bps at 1.2125%, 10-Yr is down 6bps at 1.4241%, and 30-Yr is down 6.6bps at 1.8118%.
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