MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

MNI BRIEF: BOJ Tankan: Business Inflation Expectations Solid

MNI BRIEF: RBA Details Hypothetical Monetary Policy Paths

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI: SWEDEN NOV UNEMPLOYMENT 7.4%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Choppy Day For Few Surprises From Fed Chair Testimony

US TSYS SUMMARY
Choppy session for rates and equities, Tsy yields mixed, 5s30s curve making new high (162.463H, Aug 2014 levels) while equities manage to recover from broad losses to mildly higher (ESH1 -1.8% midmorning to +.26% by rates close).
  • Not much react to data: Feb consumer confidence better than exp: 91.3 vs 88.9 in Jan; DEC CASE-SHILLER SEAS ADJ HOME PRICE INDEX +1.3% M/M. Focus more on Fed chair Powell's semi annual testimony on economy to Sen Banking Comm -- though few surprises revealed.
  • Tsy futures had started to reverse modest gains prior to Powell's testimony, support evaporated ahead the risk event coupled w/bounce in equities (weaker levels helped kick off bounce in Tsys in the first place). Some had hoped yield curve control would have been mentioned spurred sharp duration sell-off to new session lows (10YY 1.3875%H; 30YY 2.2144%H). Powell dismissed n/t inflation concerns, cautiously optimistic on outlook, has tools to keep funds rate in range. Stated central clearing and "digital dollar" being looked at.
  • Heavy volumes tied to massive rolling of March to June, latter takes lead quarterly Friday (TYH/TYM>2M, >50% March volume by the close).
  • US Tsy $60B 2Y Note (91282CBN0): draws 0.119% high yield (0.125% last month) vs. 0.118% WI, bid/cover 2.44 vs. 2.67 previous. Corp issuance hedging in the mix.
  • The 2-Yr yield is up 0.4bps at 0.1149%, 5-Yr is down 2.1bps at 0.5777%, 10-Yr is down 0.5bps at 1.3602%, and 30-Yr is up 2.4bps at 2.1972%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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.