FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Bear Steepening Overnight, With Retail Sales Ahead

US TSYS SUMMARY

Treasuries have weakened with the curve steepening in overnight trade, underperforming European core FI but in line with modest JGB declines. Retail sales data coming up.

  • Sep 10-Yr futures (TY) down 5.5/32 at 133-20 (L: 133-17.0 / H: 133-25.5) No particular macro drivers, and low-ish volumes (~220k front TYs traded). Equities bouncing a little.
  • The 2-Yr yield is up 1.1bps at 0.2336%, 5-Yr is up 2.1bps at 0.7959%, 10-Yr is up 2.3bps at 1.3221%, and 30-Yr is up 3.2bps at 1.9525%.
  • June retail sales data at 0830ET is expected to see another monthly decline (-0.3% M/M vs -1.3% prior) as stimulus effects fade and auto sales abate. Ex-auto seen +0.4% M/M (-0.7% prior), ex-auto and gas +0.5% (-0.8% prior).
  • UMich sentiment and business inventories out at 1000ET, TIC flows out later at 1600ET.
  • NY Fed's Williams speaks at 0900ET, but as a "culture in the workplace" event that may have little current monetary policy content.
  • No supply. NY Fed buys ~$3.225B of 7-10Y Tsys.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.