-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
BTPs Outperform As Soft Euro Inflation Data Brings Bunds Off Lows
For the second consecutive session, Eurozone inflation data has been the main market driver in the European morning, with US PCE and Chicago PMI eyed later.
- An early upside surprise in the French prelim March inflation report saw Bunds sell off and ECB hike pricing pick up further, but the move was partially reversed as Italian CPI came in well below expectations, leading to a downside miss in overall Eurozone inflation.
- Bunds went from session lows to near session highs and BTPs rallied strongly on the Italian CPI miss, with the overall impact being 10Y spreads compressing 4.2bp.
- ECB depo hike pricing pulled back about 8bp as well (terminal still up 1.2bp on the day to 3.61%), with BoE peak Bank Rate retreating around 4bp (last 4.69%).
- ECB's Lagarde and Vujcic have scheduled appearances later.
- The US curve remains bear flattened, with Fed May hike pricing remaining slightly firmer (1bp) overnight at 15bp (60% implied probability of a 25bp raise).
- We get several key data points to close out the week/month/quarter: Feb PCE release, MNI Chicago Business Barometer, and final UMichigan sentiment.Late Friday, Fed's Williams and Cook make appearances (Waller speaks over the weekend).
Latest levels:
- Jun US 10Y futures (TY) down 2.5/32 at 114-16 (L: 114-09 / H: 114-20)
- Jun Bund futures (RX) up 20 ticks at 135.42 (L: 134.7 / H: 135.64)
- Jun Gilt futures (G) down 6 ticks at 103.33 (L: 102.8 / H: 103.42)
- Italy / German 10-Yr spread 4.2bps tighter at 181.9bps
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.