MNI POLICY: BOJ Unaffected By Weak Underlying Inflation

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI China Daily Summary: Wednesday, December 11

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

2s10s Yield Curves 16Bp Off Early Tuesday Highs

US TSYS
Tsy futures trading mostly mostly higher through the day, curves flatter with long end outperforming, 30Y bonds bouncing back near second half highs, 30YY currently 2.8788% vs. 2.8635% low.
  • Curves bull flattened Wednesday (2s10s off early Tue's high of 42.897, currently -7.606 at 26.219) as short end remained under pressure -- pricing in two to three 50bp hikes over the next three FOMC meetings.
  • Little react to in-line March reading of Existing Home Sales of 5.77M units annualized, or -2.7% MoM.
  • Bond yield had climbed to new 3-year high of 3.0285% in early Asia hours before the Bank of Japan offered to conduct an unlimited purchase of Japanese Government Bonds (JGBs). That put the brakes on surge in yields as they retreated into the NY open.
  • Adding impetus to the bid: Some trading desks citing surge in industrial production and housing starts that recession fears are overblown, and looking for longer futures to continue to rebound.
  • Tsy futures gapped higher (30YY falls to 2.8874% low) after strong $16B 20Y note auction reopen (912810TF5) trades through with 3.095% high yield vs. 3.120% WI; 2.80x bid-to-cover vs. last month's 2.72x.
  • Fed speak on tap Thu: Fed Chair Powell, ECB Pres Lagarde at IMF/global economy panel event at 1300ET. Fed Blackout midnight Friday.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.