MNI BOE WATCH: Narrow Path To Aug Cut, Wary Messaging Likely

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MNI: GERMANY JUL CPI +2.3% Y/Y

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

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Will they, won't they?

BUNDS
  • A great job from Powell. right in the middle. $15bn taper, $10 and $5bn, keeping markets stable.
  • Desks suggest his positioning may have been somewhat political, with the US 2022 mid term elections in mind,
  • Bund is trending in the red overnight and since the cash open, but well within yesterday's ranges.
  • ECB Lagarde once again reiterated that she wasn't seeing any Rate Hikes next year.
  • ALL EYES today is on "will they, won't they? " BoE.
  • The median is unchanged with rates expected to be unchanged, but some of the biggest names are calling for a 15bps hike.
  • Besides the BoE, we get some Services PMI releases for the session, but unlikely to move the needle, with investors and market participants squarely focused on CBs today.
  • Recall that we have OPEC+ meeting today, a source of concerning short term inflation risks.
  • SUPPLIES: Spain 7, 10, 30yr and Linker,, France 10, 20, 30yr and Italian buy back.
  • SPEAKERS: BoE presser, ECB de Cos, Lagarde, Elderson, Schnabel, and BoE Cunliffe.
  • Note we have BoE Pill tomorrow.
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