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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.
FED
- Speaking to CNBC earlier, Richmond Fed’s Barkin (’24 voter) said he wants real rates in positive territory across the curve.
- 10Y real yields have been positive since May and the 5Y since Jun 10 when the May CPI beat sparked rate hike expectations ahead of the Jun FOMC (although it did briefly turn negative after the Jul 27 FOMC).
- Positive 2Y real yields are a much more recent development though, having briefly turned positive through mid-July, helped further by the Jun CPI beat, before cooling and then sinking further into negative after the Jul FOMC.
- With 2Y real yields hovering around -30bps, Daly (’24 voter) kicked off a string of more hawkish Fedspeak on Aug 2 with talk of being nowhere near done, pushing them closer to zero before rising further with the ISM Services and particularly payrolls beats.
Treasury 2Y (white), 5Y (yellow) and 10Y (green) real yieldsSource: 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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