MNI BRIEF: Fed's Williams Says There's No Urgency To Cut Rates

MNI: US March Existing Home Sales Fell 4.3% To 4.19M

WILLIAMS: NOT BASE CASE TO RAISE RATES FURTHER

MNI BRIEF: Beijing Opposes U.S. Measures Against Chinese Steel

MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

EZ/UK Bond Supply Calendar: EU, UK Synd W/C 22 Apr, BoE APF Mon

US EIA:NAT GAS STORAGE +50 BCF TO 2,333 BCF APR 12 WK

MNI: US NAR: MAR EXISTING HOME SALES 4.19M SAAR

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

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

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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What to Watch: PPI, Energy Summit

MARKET INSIGHT
Carry-over selling in rates after Wed's hot CPI read, short end continues to underperform, yield curves at 16 year inverted lows (2s10s -3.615 at 26.349) as markets await next inflation metric, June PPI MoM (0.8%, 0.8%); YoY (10.8%, 10.7%).
  • Markets a little skittish as Tsys gapped off lows last few minutes, looking for triggers to cover shorts, bounce coincided with earnings release from Morgan Stanley earnings miss (1.44 vs. 1.57 est) after JP Morgan (2.76 vs. 2.883 est) -- both citing unprecedented volatility and deteriorating macro conditions. Bank of NY Mellon, Wells Fargo, Citi Group, Blackrock, State Stree and US Bancorp on Friday.
  • Data kicks off at 0830ET:
    • Initial Jobless Claims (235k, 235k);
    • Continuing Claims (1.375M, 1.380M)
    • PPI Final Demand MoM (0.8%, 0.8%); YoY (10.8%, 10.7%)
    • PPI Ex Food and Energy MoM (0.5%, 0.5%); YoY (8.3%, 8.2%)
    • PPI Ex Food, Energy, Trade MoM (0.5%, 0.5%); YoY (6.8%, 6.6%)
  • Tsy Auctions:
  • US Tsy $45B 4W, $40B 8W bills at 1130ET
  • Geopol: Energy security, US President Joe Biden is hosting the first leaders' meeting of the I2U2 in Jerusalem, Israel. Indian Prime Minister Narendra Modi. Live stream: https://www.youtube.com/watch?v=6ZNT__W-oW8
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