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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.
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- Pulling back slightly, the belly led rally (5Y -5bps) is down to a combination of a lower breakeven (-1.5bps) and more so lower real yields (-3.5bps).
- We saw a similar pattern at the beginning of yesterday’s rally before real yields reversed course and gave way to a 13bp slide in the breakeven.
- As things stand, today’s 1.5bp drop in the 5Y breakeven to 2.50% sees it firmly back to mid-2021 average (pre taper) levels. It’s still elevated compared to the most recent pre-covid high of 2.17% in May’18, but is down considerably from 3.1% a month ago and a high of 3.76% in March.
Source: Bloomberg
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.
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