DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Bonds Regain Footing, Near Late Highs

US TSYS

Tsys holding firmer, near top end session range after extending lows around midmorning, yield curves extend inversion (2s10s -3.299 at -75.263) with Bonds outperforming (30YY -.0638 at 3.6167%).

  • Short end weighed down due to moderate deal-tied rate locks and pre-auction short sets ahead today's $42B 2Y note auction (91282CGG0).
  • Tsy futures regained upward momentum after strong $42B 2Y note auction (91282CGG0) stops through: 4.139% high yield vs. 4.150% WI; 2.94x bid-to-cover vs. 2.71x prior.
  • Cross-market: while Tsys tracked German Bunds around the NY open, the midmorning bounce off lows appeared to be tracking Italian bonds w/ BTP 10Y yld -.11 at 3.92. No obvious headline driver for move in BTPs though ECB hike pricing has receded slightly on recent ECB Panetta comments:
    • ITALY’S FISCAL POLICY HAS REMAINED PRUDENT .. CAN AFFORD TO BE `ANXIOUSLY OPTIMISTIC' ON INFLATION .. WE SHOULD REASSESS SITUATION IN MARCH, Bbg -- but not enough to justify such a rally.
  • Underlying theme - market depth remains thin and relatively easily moved on smaller orders.
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.