MNI BRIEF: US Treasuries Seen Increasingly Risky-JH Paper

MNI: FED’S POWELL: TIME HAS COME FOR POLICY TO ADJUST

MNI China Daily Summary: Friday, Aug 23

MNI: PBOC Net Injects CNY241.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Fri; +2.17% Y/Y

CHINA PBOC CONDUCTS CNY379.3 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: US JUL NEW HOME SALES +10.6% TO 0.739M SAAR

EZ/UK Bond Supply Calendar: EFSF RfP Sent, EU-Bonds Due Monday

MNI: CANADIAN JUN RETAIL SALES -0.3%; SALES EX-AUTOS/PARTS +0.3%

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

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What to watch

MARKET INSIGHT
  • The overnight session and European open has seen the UST curve bear flatten as 2-year yields have moved higher (with the Eurodollar strip also moving lower and seeing larger moves than either the Euribor or SONIA strips). The moves have been seen ahead of this week's FOMC meeting, with equity markets largely in the red this morning, partly driven by concerns of higher Fed Funds rates and partly by continued uncertainty in Ukraine.
  • Looking ahead to today, this week's Fed meeting and pre-positioning will of course loom over the market. However in Europe and the UK in particular, today's PMI data will be closely watched. Although not seen as the most market-moving data point, as they have been in the past, there is still a lot of information that markets can gleam from the PMI data, particularly at uncertain points in the cycle (such as now with Omicron in Europe).
  • Note that our data team previewed all of the preliminary PMI prints today in the Global Morning Briefing (see here).
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