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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.
Free AccessAnticipating Higher Inflation, How Much Priced in Ahead Fri CPI?
Broader markets caught up to ECB hawkish hold early Thursday, rates extending lows on ECB guidance of additional rate hikes in Sep and on w/potential for 50bp move anticipated.
- After some early volatility, yield curves extended flatter, 2s10s -2.338 at 22.212 vs. 25.237 early high. Large front end sales/crosses contributed to curve bear flattening after -12,434 TUU2 104-30.62 (-4.88), sell through 104-31.12 post-time bid at 1102:04ET.
- Tys pared losses, bonds back steady immediately after $19B 30Y auction re-open (912810TG3) stops through: 3.185% high yield vs. 3.200% WI; 2.35x bid-to-cover vs. 2.38x last month.
- stocks extending lows in late NY trade (ESM2 -40.0 at 4076.0) as markets contemplated already high CPI estimated read for May CPI (+0.7% vs. 0.3% prior) in the aftermath of the ECB's hawkish hold policy annc this morning.
- Support for stocks evaporated after the ECB said it would aim to raise its key interest rate for the first time since 2011 by 25 basis points in July, and said it could increase rates by a greater increment in September unless the inflation outlook moderates.
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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.