MNI BRIEF: Fed's Collins Sees Sept or Dec Cut This Year

MNI BRIEF: Fed's Collins Urges Patience On Judging Inflation

CORRECTED: MNI BOE WATCH: On Hold And Splits Set To Continue

MNI China Daily Summary: Tuesday, June 18

MNI: PBOC Net Injects CNY84 Bln Via OMO Tues; Rates Unchanged

CHINA PBOC CONDUCTS CNY86 BILLION VIA 7-DAY REVERSE REPOS TUES

MNI: UK MAR-MAY MEDIAN PAY AWARDS +4.6% :Brightmine

MNI: US TSY TICS NET FLOWS IN APR +$66.2B

US Treasury Auction Calendar

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 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.