MNI: PBOC Sets Yuan Parity Higher At 7.1312 Weds; -0.34% Y/Y

MNI: PBOC Net Drains CNY248 Bln Via OMO Weds; Rates Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1312 WEDS VS 7.1291

MNI BRIEF: 'Noise' Driving Economic Deterioration- Campos Neto

MNI China Daily Summary: Tuesday, July 2

Australia May Total Dwelling Approved +5.5%

Australia May Retail Trade +0.6%

MNI: AUSTRALIA MAY RETAIL SALES +0.6% M/M

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

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US TSYS: Tsys Yields Opened Higher Only to Reverse, Busy Night Ahead for US Data

US TSYS

TYH4 is trading at 111-03, + 03+ from NY closing levels.

  • Cash Tsys yields opened higher this morning, however those moves were quickly reversed in early trading. There has been a small flattening of the curve, as the 10yr is currently 1.9bps lower, while the 2y trades 1.2bps lower.
  • Outside of the Fed news flow of ceasing the BTFP (see below), news flows has been light. We did see US 10y futures get close to the Jan 19 lows, only to quickly reverse course, so that could be a factor in broader moves seen so far today.
  • The Federal Reserve Board Wednesday announced that its Bank Term Funding Program will cease making new loans as scheduled on March 11, and adjusted the program's interest rate higher for loans made before the deadline. (MNI Policy Team, see this link for more details, https://marketnews.com/mni-brief-fed-says-bank-term-funding-program-to-end-in-march).
  • Later tonight in the US: GDP, PCE, Weekly Claims and Treasury Sec Yellen Outlook
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