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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.
US TSYS
- 2s10s were briefly inverted for the first time since Sep-2019 as perceived peace talk progress has been quashed by Western officials questioning the genuineness of Russian participation.
- Comments have included Blinken not seeing ‘real signs of seriousness’ from Russia on pursuing peace whilst Biden most recently says ‘we’ll see’ if Russia follows through on its de-escalation.
- The 2Y yield currently sits 0.8bp higher at 2.373%, off an earlier high just above 2.45% (highest since Mar-2019), whilst 10Y yields have rallied 7.5bps to 2.383%, leaving 2s10s at just 1bp.
- The Fed has however continued to push back about reading too much into 2s10s inversion, with focus instead on shorter-term segments of the curve, starting with Powell.
- Philly Fed’s Harker (2023 voter, median dot calling for 7 hikes in 2022 back in Mar 16) has been the latest, with a modification of suggesting looking at the 3M-10Y spread and other measures to the very different signals they give.
US 2s10s and 3M-10Y spreads.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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