Duration Financial News, February 23, it is reported that Federal Reserve Governor Waller said on Thursday that he needs to see more evidence that inflation is cooling before he is willing to support interest rate cuts.
Waller's inflation data showed that the Consumer Index (CPI) was 03%, compared with the same period last year**31%, both higher than expected. Excluding food and energy, core CPI grew 39%, an increase of 04%。
Fed Governor Cook also spoke and noted the progress the Fed has made in its efforts to bring down inflation without dragging down the economy.
However, while she also expects a rate cut this year, the 2% inflation target will still need more data to support it before cutting rates.
According to the data, just a few weeks ago, the market also priced in a high probability of a rate cut by the Fed at its next meeting on March 19-20. However, expectations have been pushed back to the June meeting, and the probability that the FOMC may wait until July to cut rates has even risen to about a third.
Hot news. According to ** reports, Zhongliang Holdings (02772HK) was approved by the Hong Kong SAR court on Friday. It is reported that the principal amount of offshore debt involved in the restructuring plan is about 11$800 million.
China SCE Group Holdings (01966.)HK) announced that the Company and its advisers have been in dialogue with offshore creditors to discuss and seek an overall solution for offshore debt, including offshore US dollar senior notes. The Company's objective is to provide fair and equitable treatment to all foreign creditors.
Yuzhou Group (01628.)HK) announced that Yuzhou 85 02 26 24 is due on February 26, 2024. The Company has entered into a restructuring support agreement with an ad hoc group of holders of the existing notes to support the Company's offshore debt, including Yuzhou 85 02 26 24). The Company does not anticipate to pay the principal and interest of the Bond on the maturity date. Failure to make such payments will constitute an Event of Default under the Notes and other US dollar notes issued by the Company and the Notes will be delisted from the Hong Kong Stock Exchange.
Daily release summary.
Today, there are no issuances in the primary market.
Daily Rating Summary.
Today, a total of 11 companies have been updated by the agency:
Data**: Duration Finance.
Market movements. As of Feb. 22, China's two-year government bond yield was 216%, and the yield on China's 10-year government bonds is 242%。
As of 5 p.m. today, the yield on the U.S. two-year Treasury note rose by 21 bp to 4735;The yield on the 10-year U.S. Treasury note rose by 13 bp to 4338。
U.S.-China 10-year Treasury spread:
On February 23, the top 10 gainers and losers of Chinese dollar bonds were as follows:
Longfor and Vanke have recently led the rise in the investment-grade real estate sector, and according to ** reports, nearly 30 provinces and more than 200 cities have recently established a real estate financing coordination mechanism. Related USD Bonds:
Data**: Duration Finance.
Macro news. The National Bureau of Statistics released the statistical data on the change in commercial residential sales in January 2024, and Wang Zhonghua, a statistician of the Urban Division, interpreted the data. According to the data, in January, the sales of newly built commercial residential buildings in first-tier cities fell by 03%, a decrease of 01 percentage point. Second-hand residential sales in first-tier cities** decreased by 10%, a decrease of 01 percentage point. Among the 70 large and medium-sized cities, the number of cities with a month-on-month decline in commercial residential sales** decreased, and the month-on-month decline in commercial residential sales** narrowed as a whole, and the overall year-on-year decline continued.
The People's Bank of China issued an announcement that in order to maintain stable liquidity at the end of the month, on February 23, 2024, the People's Bank of China launched a 7-day reverse repurchase operation of 247 billion yuan in the form of interest rate bidding, and the winning interest rate was 180%。Today, 92 billion yuan of 14-day reverse repurchase expired, achieving a net investment of 155 billion yuan.