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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.
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Free AccessUS$ Credit Supply Pipeline
US Treasury Auction Calendar
Continued Flight To Safety Keeps Bonds Rallying
Little to add to the picture described in the earlier US TSYS bullet, as continued risk-off provide fuel for a rally in core bonds markets. Geopolitical frictions (mostly surrounding the Russo-Ukrainian stand-off) and the spectre of Fed tightening remain the main themes, with general weakness in equity markets also eyed.
- T-Notes are hitting new session highs as we type, they last change hands +0-18+ at 128-09. Eurodollar futures trade 1.5-8.0 ticks higher through the reds. Tsys have eased off in cash trade, with yields last seen 2.8-4.1bp lower, as belly outperforms. The yield on 2-Year Tsys has slipped below 1.0%, while 10-year yield has returned below 1.8%.
- JGB futures re-opened on a firmer footing and have extended gains from there. JBH2 last trades at 151.06, 22 ticks above previous settlement, after printing best levels in a week. Cash JGBs are subject to similar dynamics as they U.S. peers, with the belly outperforming as yields falter across the curve. The space has ignored the release of Japanese CPI figures, which marginally missed forecasts, pouring some more cold water on the prospect of BoJ debating policy normalisation. Participants look ahead to a liquidity enhancement auction covering JGBs with 5-15.5 years until maturity.
- Cash ACGBs have retreated across the curve, with yields last seen 4.8-8.5bp lower, as fresh selling impulse has overlapped with the impetus from the overnight move in U.S. Tsys. Aussie bond futures have been in demand, with YM & XM last +8.5 apiece. Bills trade unch. to +9 ticks through the reds. Nothing to rock the boat in the latest weekly issuance schedule and ACGB Apr '25 supply.
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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.