MNI China Daily Summary: Thursday, April 22

MNI BRIEF: China To Quicken Resolving Local Debt Risks

RPT-MNI INTERVIEW: ECB's Wunsch Sees At Least Two Cuts By Dec

MNI BRIEF: Brazil CenBank Faces Greater Uncertainty - Campos

MNI: PBOC Conducts CNY2 Bln Via OMO Mon; Liquidity Unchanged

CHINA PBOC INJECTS CNY2 BILLION VIA 7-DAY REVERSE REPOS MON

EZ/UK T-Bill Calendar: 3/6-Month ATB Auction on Tuesday

EZ/UK Bond Supply Calendar: EU, FI Synds; IT, DE Auctions Tues

MNI: CANADA MAR INDUSTRIAL PRICES +0.8% MOM; EX-ENERGY +0.8%

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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Tsys Hold Narrow/Weaker Range Ahead Wed's FOMC

US TSYS

Tsys hold weaker, inside session range at midday, relative quiet start to a FOMC week. Higher than expected Spanish CPI/HICP inflation triggered selling across the board overnight, while Tsys see-sawed inside range with no substantive data to react to.

  • Tsy 30YY currently 3.6545% (+.0355), yield curves flatter: 2s10s -0.915 at -70.091, 5s10s -2.337 at -13.184. Decent volumes (TYH3 >1M) with Asia back from Lunar New Year holidays.
  • Fed funds implied hike for Feb'23 steady at 26.3bp ahead Wed's FOMC annc, Mar'23 cumulative 46.9bp to 4.798%, May'23 58.5bp to 4.914%, terminal at climbs to 4.925% in Jun'23.
  • Additional policy/event risk with the BOE and ECB announcing this Thu. Participants plying the sidelines ahead Fri's Jan employment data (175k est vs. 223k prior).
  • Eearnings annc pick up in earnest early Tue w/: International Paper (IP), Pfizer (PFE), Philips 66 (PSX), Pulte Grp (PHM), McDonalds (MCD), Marathon Petroleum (MPC), Corning (GLW), Sysco (SYY), UPS, GM, Caterpillar (CAT), Exxon (XOM).
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