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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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Free AccessCarry-Over Pushback on 75Bp Hike; Demand Shock on China Zero Covid
Rate futures trading higher after the bell - well off midday highs that saw 30YY hit 2.8552 low (2.8936% last), yield curves flatter in the short end (2s10s -3.133 at 19.388) as bonds managed to outpace the strong front end bid (2YY slipped to 2.5209 low, 2.6236% last)
- Carry-over short end support after Cleveland Fed Pres Mester pushed back on any need to hike more than 50bp late last Friday -- odds of 75bp hikes evaporating on the day. No comment from Fed with speakers in blackout through the May 4 FOMC.
- Underlying support trigger: Market putting more weight on the demand hit rather than the inflationary pressure from further supply side disruptions on widespread Covid lockdowns prospects in China (panic selling: Shanghai CSI 300 -4.15% to 3851.80, Hang Seng -3.86% to 19809.0).
- The 2-Yr yield is down 5.2bps at 2.6152%, 5-Yr is down 9.1bps at 2.84%, 10-Yr is down 9.4bps at 2.8044%, and 30-Yr is down 6.9bps at 2.8756%.
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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.