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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.
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- Today’s long-end sell-off has been fuelled by a combination of higher real yields and less so a bounce in breakevens.
- 10Y real yields of 37bps (+3bps on the day, +7bp intraday swing) are almost back to post-payrolls highs at levels last seen prior to the post-Jul FOMC range.
- This is a continuation of the stepwise re-adjustment higher in real yields from close to 0bps prior to SF Fed’s Daly kickstarting a slew of Fedspeak on Aug 2 by saying the Fed was nowhere near done in its battle with inflation, a message continued after yesterday’s CPI miss.
- The 10Y breakeven has nudged back to 2.46% and is almost back to its pre-CPI level prior to which it largely tracked sideways over that same early Aug period. It’s off July lows of circa 2.3% but remains below pre-Fed taper levels.
10Y real yields (green) and breakeven (yellow) in historical perspectiveSource: 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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