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MNI BRIEF: PBOC Cuts 7-Day Repo Rate By 10bp

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What to Watch: US Data: PMIs, Richmond Fed Mfg, New Home Sales

MARKET INSIGHT

Tsys firmer but off overnight highs. Tsys briefly extended highs (30YY tapped 3.1995% low) after soft European PMIs (France, Germany, EU in line or better than estimated but still sub-50, mixed UK w/ Mfg 46.0 vs. 51.0 est, Services 52.5 vs. 51.6 est). US' turn as Economic data kicks off at 0945ET:

    • S&P Global US Manufacturing PMI (52.2, 52.0)
    • S&P Global US Services PMI (47.3, 50.0
    • S&P Global US Composite PMI (47.7, --) followed by
    • Aug-23 1000 Richmond Fed Mfg Index (0, -5) at 1000ET and
    • Aug-23 1000 New Home Sales (590k, 575k), MoM (-8.1%, -2.5%) 1000ET
  • Treasury auctions:
    • US Tsy $60B 21D bill auction at 1130ET
    • US Tsy $44B 2Y Note auction (91282CFG1) at 1300ET
  • Fed Speak later this evening: MN Fed Kashkari, Wharton MN Alumni Club Q&A session at 1900ET; livestreamed: https://www.minneapolisfed.org/live
  • KC Fed's annual Jackson Hole Economic Symposium kicks off Friday: Reassessing Constraints on the Economy and Policy, Chairman Powell scheduled to speak at 1000ET (0800 local), text is expected but no Q&A.
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