BOC WILL BE CONSDIERING FURTHER RATE CUTS

BOC DOESN'T SEE A RECESSION, RATHER SLOW GROWTH

BOC SAYS WEAKER CAD DRIVEN BY USD STRENGTH

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

BOC CUTS RATE 50BPS TO 3.25%, SEES GRADUAL APPROACH FROM HERE

MNI: US NOV CPI 0.3%, CORE 0.3%; CPI Y/Y 2.7%, CORE Y/Y 3.3%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

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Tsys bid all session, dovish CB........>

US TSY FLOWS
US TSY FLOWS: Tsys bid all session, dovish CB moves (New Zealand, India,
Thailand) helped kick the rally off ahead NY open, US/China trade angst
continued to spur risk-off support. Some chatter that China fully expects to see
10% tariff increase on Sept 1 deadline as they are unwilling to purchase US ag
products and/or make other significant concessions. 10YY making new three year
low (1.5931), support continues to wane since weak 10Y auction that tailed
1.5bps. Yld curves mixed after making new 12Y lows in short end. 
- Flatteners/steepener unwinds resumed, one 2s5s steepener took stab at buying
lows. Huge option volume, call insurance buy >200k Aug 82 calls (0.25-0.5) in
event of off-meeting emergency rate cut. Swap spds collapsed/extending inversion
across curve w/2Y making new all-time lows. Flow included decent deal-tied rate
locks, fast$ payer unwinds in shorts to intermediates. 
- Latest US Tsy $27B 10Y note auction (912828YB0) tailed: awarded 1.670% rate
(2.064% in July; 3.080% avg) vs. 1.655% WI; 2.20 bid/cover (2.41 previous). 
- The 2-Yr yield is up 0.2bps at 1.5848%, 5-Yr is up 0.6bps at 1.5194%, 10-Yr is
up 0.3bps at 1.7055%, and 30-Yr is down 0.4bps at 2.2289%.
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