But first, American mortgage applications rose again as another indication the US housing market is coming back to life. The rise from the prior week was minor, and this was despite virtually no change in the benchmark mortgage interest rates. The scale of early mortgage repayments in China is becoming clearer and showing why it is having a broad economic impact. But yesterday they released their May inflation indicator which has it easing to 5.6% pa. That's a 13 month low. The UST 10yr yield will start today at 3.72% and down -5 bps and in a yoyo pattern recently.

Source: New Zealand Herald June 28, 2023 22:56 UTC