MNI: PBOC Net Injects CNY185.57 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1346 Weds; -1.39% Y/Y

MNI BRIEF: China July PMI Contracts For Third Straight Month

CHINA PBOC CONDUCTS CNY251.67 BILLION VIA 7-DAY REVERSE REPOS WEDS

CHINA SETS YUAN CENTRAL PARITY AT 7.1346 WEDS VS 7.1364

MNI CNB WATCH: Fine-Tuning Set To Start, But 50Bps 'In Play'

Japan Jun Retail Sales +3.7% Y/Y

Japan Jun Ind. Output -3.6% M/M; First Fall In 2 Mths

MNI BRIEF: Aussie CPI In Line With Forecasts

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

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What to Watch: S&P PMIs, ISMs, Treasury Auctions Early and Often

US TSYS
  • Back to watching data with potential default risk deferred to mid-2025 after President Biden signed the debt ceiling bill over the weekend.
  • Flurry of data kicks off with S&P Global PMIs at 0945ET, followed by ISMs and Durables/Cap-Goods Orders at 1000ET.
  • US Tsy bill supply early and often, as expected the Treasury moves to increase cash buffers following a debt ceiling resolution: $65B 13W, $58B 26W bill auctions at 1130ET followed by $50B 44D CMB auction at 1300ET.
    Bloomberg had e
  • Bloomberg had estimated incoming supply to be "well over $1 trillion by the end of the third quarter" that's likely to "quickly drain liquidity from the banking sector, raise short-term funding rates and tighten the screws on the US economy just as it’s on the cusp of recession."
  • Bank of America estimated incoming Treasury supply "would have the same economic impact as a quarter-point interest-rate hike."
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