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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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Free AccessBMO analyst Aaron Kohli expects a......>
US TSYS/TIPS: BMO analyst Aaron Kohli expects a "stop close to the screws" at
1pm $14B 5Y TIPS reopening as the auction's "liquidity provision," and "tax cut
optimism and high real yld levels offset rich breakevens, stretched crude
positions and a hawkish Fed."
- He adds "positive tax headlines" & "inflation seasonals suggest TIPS will
perform well in the coming months" but "we doubt" the gains' longevity; "biggest
risk" of TIPS mkt is "continued absence of stronger inflation (core-CPI mixed
signs of strength, disappointing Nov read). We see some near-term upside to
owning TIPS in the new yr, but that view dims considerably as we look further"
into future.
- Kohli said likely will be into 2018 "some risk-positive sentiment" from tax
headlines & "seasonal equity performance which shd bring some buyers into
inflation products." He noted US real ylds rose "as they often do seasonally in
Dec," so "auction at these levels would be the highest since 2015," thus "fairly
solid value proposition for real money buyers, but even deflated levels of 5-yr
breakevens don't look" esp. "cheap" w/ "anemic CPI backdrop" esp. core CPI.
To read the full story
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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.