Free Trial

Bonds Extending Lows

US TSY FUTURES
  • Front month Treasury futures extend post-data lows, additional pressure from stocks taking another leg higher (SPX Eminis +26.0 at 4083.50) amid reports of safe haven unwinds, chatter over reallocation from rates to stocks into month-end.
  • Yield curves bear flattening, 2s10s -1.844 at -55.961 with Jun'23 2Y futures underperforming (TUM3 -4.75 at 103-02.25) 2Y yield tapped 4.1504% high.
  • Fed funds implied hike for May'23 climbs to 13.3bp vs. 11.6bp earlier, Jun'23 +11.4bp at 4.927%, while projected rate cuts through year end recede: Jul'23 cumulative -0.8bp to 4.805%, to -40.3 for Dec'23 cumulative at 4.260.
  • Fed Terminal currently at 4.935% in May'23 and Jun'23

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.