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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What to watch

MARKET INSIGHT

Fixed income is moving off of its overnight in early European trading after continused downward pressure through most of the Asian session after hawkish comments from Powell yesterday. Despite the small moves higher further out the UST curve, 2-year yields remain close to their highs and at 2.166% at writing at 23bp than Friday's close. Expectations for 50bp hikes are growing and as our overnight team pointed out, GS now forecasts 50bp hikes back-to-back in May and June.

  • Looking ahead to today, the data calendar is releatively light but there are a number of central bank speakers including ECB's Villeroy, Panetta, Lagarde and Lane, Fed's Wuerffel, William, Daly and Mester. There are a number of other senior central bankers due to speak at the BIS Innovation Summit (which may not have any near-term monpol implications).
  • Russia-Ukraine headlines are also due to be closely watched, as usual.
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