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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
- The sizeable bear flattening in US Tsys has been driven by double digit real yield increases at the front end as the Fed rate path is re-assessed higher, whilst inflation breakevens have also fallen with oil.
- Focusing instead on the belly where these price movements have less impact, the 5bp increase in the 5Y nominal yield comes with equal contributions from real yields and breakevens alike.
- Whilst only small, the rise in the breakeven is notable after the entirety of yesterday’s sharp sell-off had been carried by real yields.
- It leaves the 5Y breakeven at 2.75%, still relatively low for the post-Ukraine war period but off early July lows of 2.5%.
UST 5Y nominal yield (white), breakeven (yellow) and real yield (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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