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Global Macro
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Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
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MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
Already Anticipating In-Line to Lower NFP
- Treasuries looked to finish moderately higher Wednesday, upper half decent session range after early data-tied volatility. Treasury futures initially gapped higher after lower than expected ADP jobs gain of +152k vs. +175k est (192k prior down-revised to +188k).
- Not much of a reaction to in-line S&P Global US Services PMI final (54.8 vs. 54.8 est), while Composite PMI gains slightly (54.5 vs. 54.2 est).
- Fast two-way flow reported as Treasury futures retraced from a gap-bid to new session high of 110-12.5 (near April 5 levels) after mixed ISM Services data: Index higher than exp (53.8 vs. 51.0 est), lower Prices Paid (58.1 vs. 59.0 est), in-line Employment (47.1 vs. 47.2 est), higher New Orders (54.1 vs. 53.2 est).
- Late year rate cut projections have gradually gained vs. late Tuesday levels (*): June 2024 at -1.3% w/ cumulative rate cut -.3bp at 5.328%, July'24 at -18% w/ cumulative at -4.8bp (-4.3bp) at 5.283%, Sep'24 cumulative -19.8bp (-19.3bp), Nov'24 cumulative -28.9bp (-27.8bp), Dec'24 -47bp (-44.3bp).
- Focus turns to Thursday's weekly claims and Unit Labor costs as well as the ECB policy announcement, followed by Friday's headline Non-Farm payrolls data.
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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.