CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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

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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MARKET INSIGHT
  • Core fixed income is off of its highs overnight (at least at the 10-year tenor) but at the time of writing was starting to press higher once again. Already this morning we have seen better than expected UK November activity data, with GDP growing 0.9%M/M (0.4% expected), with an upwardly revised October and finally moving above pre-pandemic levels.
  • The European morning session has little else for the rest of the morning session (other than Swedish inflation data) with the US once again likely to lead markets later today. Retail sales and industrial production for December will both be closely watched but perhaps even more important will be the inflation surveys within the Michigan confidence data.
  • We note that looking at curves there is a familiar dynamic with US 2s10s flattening (largely from 2-year yields rising), the UK yield curve seeing parallel moves and the German curve steepening a tiny bit.
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