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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 TSYS
- Cash Tsys close early with the curve twist flatter ahead of their full closure for Memorial Day on Monday.
- Cash yields range from 1.1bp higher (2s) to 1.3bp lower (20s), with the front end having unwound a large part of the intraday rally on the downward revision for U.Mich inflation expectations, aided by a recovery in crude oil futures, but with the longer end seeing a greater paring of earlier losses.
- 2s10s at -47.9bps (-2.3bps) has pushed through fleeting lows seen Apr 10 for its lowest since late December.
- 10Y yields met firm resistance at 4.50%, last seen May 14, and are now back at 4.465%.
- The high for yields came with TYM4 touching 108-16 as it stopped just short of a key support at 108-15 (May 14 low). It has since lifted to 108-23+ for similar levels to before the US session.
- Fed Funds implied rates have extended the post-PMIs jump higher in what’s been a thin data week, with 20bp of cumulative cuts for Nov (25bp prior to PMIs) and 34bps for Dec (38bps prior).
2s10s most inverted since DecemberSource: 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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