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Why MNI
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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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A touch Firmer On Gilt Rally, Very Tight Ranges Ahead Of CPI
The rally in gilts lends some very light support to Tsys.
- UK labour market data has supported gilts and driven a dovish move in BoE pricing.
- TYM4 last +0-02 at 111-21, sticking to a narrow 0-04 range after recovering from Monday’s low.
- Familiar technical levels remain in place.
- Cash Tsy yields are 0.5-1.0bp lower across the curve.
- CPI data headlines the U.S. calendar today. Our full preview of that release can be found here.
- FOMC-dated OIS prices ~89.5bp of ’24 cuts ahead of the release, with ~21.5bp of cuts priced through the June FOMC.
- Proximity to the data is seemingly limiting activity, with only ~164K TY futures changing hands so far.
- 10-Year Tsy supply is also due later today. That comes on the heels of yesterday’s relatively well-received 3-Year auction.
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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.