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: UofM Sentiment, New Home Sales, Fed Speak

MARKET INSIGHT
Tsy yields recede from late overnight highs slightly after the bell, 30YY 3.2321% +.0325 vs. 3.2459% high, while yield curves inch flatter after couple rounds of 2Y block sales (2s10s -3.012 at 3.388).
  • Stocks holding modest overnight gains, ESU2 +27.25 at 3827.0; Crude higher (WTI +2.15 at 106.42); Gold reverses course, now mildly weaker at 1822.50.
  • Fed speakers: StL Fed Bullard spoke at UBS event in Zurich earlier on recession worries: unprecedented situation, models not going to give a clear picture. not seeing recession in personal consumption. Consumers flush w/ $3.5T in covid aid, appr 10% GDP sitting idle, expect people to get out in second/third quarter spend other than consumption. Repeats interest in front loading rate hikes to "slow down to a trend pace of growth as opposed to below trend."
    • SF Fed Daly Fox Business interview, 1315ET
    • SF Fed Daly, Shadow open market committee conf, text/Q&A tba, 1600ET
  • Economic data at 1000ET:
    • U. of Mich. Sentiment (50.2, 50.2)
    • U. of Mich. Current Conditions (55.4, 55.4)
    • U. of Mich. Expectations (46.8, --)
    • New Home Sales (591k, 590k); MoM (-16.6%, -0.2%)
  • Geopol: Wires reporting that German Chancellor Olaf Scholz and US President Joe Biden will hold bilateral talks in advance of the upcoming G7 leaders' summit in Schloss Elmau in the Bavarian Alps.
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