Free Trial

Contained Two-Way Flow Around GDP

US TSYS

Feedthrough from the second Q3 GDP reading leave Tsys little changed to a touch below pre-release levels, with the uptick in GDP largely offset by the softer-than-initial estimate personal consumption and core PCE price index numbers for the quarter (see more from our economist above).

  • Cash Tsy yields are 0.5-6.0bp lower on the day, with only 2s extending on the month-to-date yield lows set earlier in the session post-data, before recovering from extremes.
  • FOMC-dated OIS more than fully discounts a 25bp cut come the end of the May FOMC, which was the case pre-data, with a move off post-data dovish extremes noted.
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.