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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
US
- The 10Y breakeven has surged 8.5bps today to a new record high of 3.03% (above the Mar 24 high) as today’s sell-off in nominal bonds comes with little change in real yield space.
- If there’s a silver lining for the Fed it’s that it has been led by the 5Y up more than 13bps, meaning the 5Y5Y forward breakeven dip slightly to 2.54%.
- However, separate 5Y5Y inflation swaps have firmed back towards cycle highs at 2.83% and sit 20bps above where they were when Powell first indicated the shift towards hiking expeditiously.
- The acceleration in market-based measures has yet to show up in surveys but could be particularly impactful if it does.
10Y breakeven (white), 5y5y breakeven (yellow) and 5y5y inflation swap (green)Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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