MNI China Daily Summary: Thursday, July 11

MNI BOK WATCH: More Evidence Needed To Cut Rates, Says Rhee

MNI: PBOC Conducts CNY2 Bln Via OMO Thurs; Liquidity Unchanged

CHINA PBOC CONDUCTS CNY2 BILLION VIA 7-DAY REVERSE REPOS THURS

MNI: PBOC Sets Yuan Parity Lower At 7.1339 Thurs; -1.06% Y/Y

CHINA SETS YUAN CENTRAL PARITY AT 7.1339 THURS VS 7.1342

Core Goods Above-Expected, But Headline Weakest Since Pandemic(2/2)

CPI Miss Driven By Comprehensively Slower Services Inflation (1/2)

MNI: US JUN CPI UNROUNDED M/M -0.056%, CORE 0.065%

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

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

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Yields Higher in Eco-Summit Aftermath

US TSYS
Tsys trading weaker on more modest overnight volumes with London markets closed for bank holiday. Yield curves mixed (2s10s +1.538 at -34.653, 5s30s -2.153 att -3.798), short end steeper following Fri's bear flattening following KC Fed's Jackson Hole economic summit.
  • Tsy 2YY tapped 3.4804% high - highest since November 2007 as hawkish summit messaging continued through Saturday after Fed Chairman Powell communicated the Fed needs to get restrictive and STAY restrictive for an extended period of time.
  • ECB: Governing Council member Martins Kazaks said the ECB needs to act forcefully and raise interest rates by at least a half-point next month to bring inflation back under control.
  • Equities trading weaker at the moment, ESU2 -35.25 at 4024.25; US$ index tapped 109.478 high overnight.
  • Limited economic data to kick off new week: Dallas Fed Manf. Activity (-22.6 prior, -12.2 est) at 1030. US Tsy $54B 13W and $42B 26W bill auctions at 1130ET.
  • Fed speak later this afternoon: Fed VC Brainard Chicago FedNow Workshop, text, no Q&A at 1415ET.
  • Currentlyt, the 2-Yr yield is up 4.7bps at 3.4436%, 5-Yr is up 6.7bps at 3.2718%, 10-Yr is up 6.5bps at 3.1061%, and 30-Yr is up 4.5bps at 3.2365%.
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