CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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

BONDS: NZGBS: Modest Bull Steepener After US Tsys Bear Flatten

BONDS
BulletMarketsFixed Income Bullets

In local morning trade, NZGBs have bull-steepened, with yields flat to 2bps lower, after US tsys closed showing a modest bear-flattener ahead of the Thanksgiving Day holiday. 

  • US tsys rallied early on renewed geopolitical tensions as Russia reportedly used an experimental ICBM. From there, US tsys’ rally faded, as US officials talked down the missile episode, and equities hit the week's best levels following Wednesday's Nvidia earnings beat.
  • The data did not have a lasting impact: solid initial jobless claims (for payrolls reference week) offset weakness in continuing claims, existing home sales remained subdued as expected, and regional Fed manufacturing surveys (Philly, KC) offered mixed indications of current activity.
  • An ASB survey showed that 52% of directors expect the economy to improve over the next year, while 28% see a decline. Asked to rank the biggest impediments to economic performance, respondents listed cost-of-living, global economic/geopolitical concerns and productivity. (per BBG)
  • Swap rates are 1bp lower.
  • RBNZ-dated OIS pricing is little changed. A cumulative 93bps of easing is priced by February, with 52bps by year-end.
  • The local calendar is light again today. The next key release will be Q3 Retail Sales ex Inflation on Monday. 
189 words

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.

In local morning trade, NZGBs have bull-steepened, with yields flat to 2bps lower, after US tsys closed showing a modest bear-flattener ahead of the Thanksgiving Day holiday. 

  • US tsys rallied early on renewed geopolitical tensions as Russia reportedly used an experimental ICBM. From there, US tsys’ rally faded, as US officials talked down the missile episode, and equities hit the week's best levels following Wednesday's Nvidia earnings beat.
  • The data did not have a lasting impact: solid initial jobless claims (for payrolls reference week) offset weakness in continuing claims, existing home sales remained subdued as expected, and regional Fed manufacturing surveys (Philly, KC) offered mixed indications of current activity.
  • An ASB survey showed that 52% of directors expect the economy to improve over the next year, while 28% see a decline. Asked to rank the biggest impediments to economic performance, respondents listed cost-of-living, global economic/geopolitical concerns and productivity. (per BBG)
  • Swap rates are 1bp lower.
  • RBNZ-dated OIS pricing is little changed. A cumulative 93bps of easing is priced by February, with 52bps by year-end.
  • The local calendar is light again today. The next key release will be Q3 Retail Sales ex Inflation on Monday.