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

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US TSYS: Cautious Ton Ahead of FOMC, China Evergrande Ordered Into Liquidation

US TSYS

TYH4 is trading at 111-06+, + 05+ from NY closing levels. Futures have been rangebound all day with very little to note. There was a very brief spike early this morning but this has been pared, with Tsys brushing off Friday night news around the Russian Oil tanker being hit in the Red Sea, and the weekend news about US soldiers being attacked in Jordan. The upcoming FOMC decision has most traders sitting on the sidelines ahead of the announcement on Wednesday. Heading into the meeting the market is predicting about a 50% chance of a rate cut in March.

A quick recap, US Treasuries opened 111-06, and briefly spiked to 111-09+ before settling and trading in a very small range for the remainder of the day, however around the 111-07+ level. Cash yields have been uneventful all day trading within the 0.5 to -0.5 range.

  • •Cash bonds are trading -0.5 to -0.9bp richer across the curve, 2y at 4.343% (-0.6) and 10y at 4.13% (-0.8).
  • China Evergrande headlines out earlier, as creditors were unable to reach an agreement on a restructure, this pushed the share price to records lows before being suspended and ordered into liquidation by a Hong Kong court
  • Data is light on tonight, with FOMC policy announcement on Wednesday the major focus.
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