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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 AccessBullard Tempers the Inner Hawk
Generally sedate, sideways trade since mid-morning, futures trading near session lows by the bell, yld curves regaining some ground after last week's post-FOMC bull flattening slip to 110.568 low from 142.541 high last week Monday.
- Tsy bonds extend lows after holding narrow/lower range for appr 4 hours heading into the NY open -- well off early overnight highs. Yld curves bounced after the steady bull flattening since last week's FOMC and hawkish pivot.
- Heavy overnight volumes (TYU >850k by the open; 1.7M after the close) after Tsys ground higher during Asia hours, only to reverse the move during the cross-over to London trade.
- 30YY currently 2.1083% +.0957 (2.1083%H, 1.9259%L)
- 10YY currently 1.4381% +.0455 (1.4903%H, 1.3526%L)
- Contributing to the bounce in yld curves: Bullard softened last week's more hawkish tone somewhat: "I think markets themselves are a little bit confused about the recent moves. I do think we're going to allow inflation to be above target...that has to get priced in."
- Mixed flow on session, decent corporate issuance hedging added to volumes.
- The 2-Yr yield is down 0.2bps at 0.2522%, 5-Yr is up 1bps at 0.8844%, 10-Yr is up 4.2bps at 1.4802%, and 30-Yr is up 8.3bps at 2.0954%.
To read the full story
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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.