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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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- 10Y Breakeven Unwinds Move Lower, Back At Post-Powell Level
- The 10Y breakeven has unwound all of today’s move lower, which had earlier been accelerated by payrolls, up 5.5bps from the session low to sit at 2.88%.
- This is marginally above where it was after Powell’s presser, although in some consolation for the Fed it means that nearly all the 14.5bp rise in nominal yields since then has all been from real yields.
- 10Y real yields pull back to +18bps having moved into positive territory early this week for the first time since the Mar’20 spike.
- Putting that breakeven rate into perspective though, it’s close to the average seen since early March and down from above 3% last week.
10Y nominal yield (white), breakeven (yellow) and real yields (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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