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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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Free AccessBull Flattening Amid Tentative Stability
Treasuries have gained back a bit of ground overnight Friday vs Thursday's sharp losses, albeit all well within the (admittedly broad) ranges of yesterday's session. An extraordinarily thin calendar lies ahead, with no data, supply, or scheduled speakers.
- Bull flattening has been the order of the day: with long end rallying, 5s30s now below pre-FOMC wides.
- The 2-Yr yield is up 0.4bps at 0.1573%, 5-Yr is down 0.8bps at 0.8561%, 10-Yr is down 1.4bps at 1.6944%, and 30-Yr is down 2.1bps at 2.4269%.
- Jun 10-Yr futures (TY) up 6.5/32 at 131-15 (L: 131-10 / H: 131-21.5) on lower volumes than Thurs, but above the norm (~410k).
- S&P futures up very slightly after dipping overnight, but gains look tentative so far. Dollar fluctuating, trading basically flat.
- The only item of note on the agenda is 1030ET: NY Fed buying ~$2.425B of 1Y-7.5Y TIPS.
- As such, there's some attention on any SLR announcement by the Fed (Chair Powell said Weds that it would come in the "coming days"), though most are looking to Monday when it's assumed the Fed Board of Governors will have their usual biweekly meeting.
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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.