MNI China Daily Summary: Monday, July 22

MNI BRIEF: PBOC Lowers Ceiling of Its Interest Corridor

MNI: China CFETS Yuan Index Down 0.05% In Week of Jul 19

MNI: PBOC Sets Yuan Parity Higher At 7.1335 Mon; -1.18% Y/Y

MNI: PBOC Conducts CNY58.2 Bln Via OMO Mon; 7day Repo Rate Cut

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

CBRT Data Watch

NBH Data Watch

Pay concerns push back easing expectations; curve flattens

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

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What to Watch: PCE Deflator, Fed Speak

US TSYS
Tsy futures bumping around late overnight lows, Mar'23 2Y futures (TUH3) tapped Thu's contract low of 101-23.75 (2YY 4.7244% high, 4.7223% last +.0249).
  • Focus on morning data where hot PCE deflator number, the Fed’s preferred price gauge - may be spurring speculative selling.
  • Fed Speak kicks off shortly with Cleveland Fed Mester interview on CNBC Squawk Box at 0800ET. More Fed speak follows:
    • Fed Gov Jefferson, Cleveland Fed Mester on disinflation at 1015ET
    • StL Fed Bullard on getting back to 2% inflation, text, Q&A, 1130ET
    • Boston Fed Collins pre-recorded message on mon-pol, 1330ET
    • Fed Gov Waller on inflation, no text, moderated discussion, 1330ET
  • Additional data post PCE: New Home Sales (616k, 620k); MoM (2.3%, 0.7%) and U. of Mich. Sentiment (66.4, 66.4) at 1000ET, and KC Fed Services Activity (-11, --), 1100ET

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