Free Trial

Bull Steepening Kicks Back In Post Chicago PMI

US TSYS

Much softer than expected MNI Chicago PMI data reignites the bull steepening impulse that had faded pre-data. The major cash Tsy benchmarks run little changed to 7.5bp richer as a result, with TY futures having a look through their pre-NY highs. FOMC-dated OIS show a cumulative ~22bp of hikes over the next two FOMC meetings, followed by 42bp of cuts by year-end, representing a slightly shallower peak and a modest uptick in the degree of cuts prices by year end vs. early NY levels. JOLTS job data is due at the top of the hour.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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.