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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 AccessMNI UST Issuance Deep Dive: Dec 2024
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Continuing sell-off after Powell's comments yesterday
After Powell's hawkish comments yesterday the fixed income sell-off continues as markets continue to price both more and quicker hikes for the Fed (and as a spillover to other markets like the UK, even where it seems much less likely we will see 50bp hikes given recent policymaker comments).
- USTs underperform across the curve with a slight bear flattening. Gilts also bear flattening with SONIA futures underperforming both Euribor and Eurodollar futures this morning. The German curve has bear steepened by 0.3bp.
- 10-year yields for Treasuries, Bunds and gilts are now all at cycle highs.
- Looking ahead to today, the data calendar is releatively light but there are a number of central bank speakers including ECB's Villeroy, Panetta, Lagarde and Lane, Fed's Wuerffel, William, Daly and Mester. There are a number of other senior central bankers due to speak at the BIS Innovation Summit (whichmay not have any near-term monpol implications).
- TY1 futures are down -0-11+ today at 122-26+ with 10y UST yields up 5.6bp at 2.348% and 2y yields up 6.7bp at 2.185%.
- Bund futures are down -0.94 today at 159.36 with 10y Bund yields up 4.0bp at 0.507% and Schatz yields up 4.0bp at -0.253%.
- Gilt futures are down -0.69 today at 120.66 with 10y yields up 3.9bp at 1.676% and 2y yields up 5.8bp at 1.371%.
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.