MNI BRIEF: China To Strengthen Policy Easing In 2025: Poliburo

MNI BRIEF: Japan Nov Sentiment, Outlook Indexes Rise

MNI BRIEF: China Nov CPI Slows To 5-Month Low Of 0.2% Y/Y

MNI: PBOC Sets Yuan Parity Higher At 7.1870 Mon; -1.39% Y/Y

MNI: China CFETS Yuan Index Down 0.36% In Week of Dec 6

MNI: PBOC Net Injects CNY13.8 Bln via OMO Monday

MNI JAPAN Q3 GDP REV +0.3% Q/Q; PRELIM +0.2%; MEDIAN +0.2%

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

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

Corporate Supply Weighs, Projected Yr End Rate Cuts Ease

US TSYS
  • Treasury futures looked to finish lower/near midday lows Monday, initial weakness tied to cooling French political uncertainty over the weekend.
  • Rates broke through a narrow overnight range amid word Home Depot would issue corporate debt over 9 tranches. Speculative selling added to rate lock hedging well before the $10B 9pt launched, lion's share of just over $20B total issuance on the day.
  • Average Treasury futures volumes (TYU4<1.3M), with the Sep'24 10Y contract currently trading -15.5 at 110-11.5 vs. 110-09 low. Despite the decline, a bull cycle remains in play after the contract traded higher Friday, clearing resistance at 110-21, the Jun 7 high. Focus on 111-01 initial resistance - last Friday's high, followed by 111-09, April 1 high. Key support well below at 109-00+, the Jun 10 low.
  • Short end selling sees rate cut projections cooling vs. late Friday levels (*): July'24 at -10% w/ cumulative at -2.5bp at 5.302%, Sep'24 cumulative -17.5bp (20bp), Nov'24 cumulative -26.6bp (-29.9bp), Dec'24 -46.1bp (-50.5bp).
  • Cash yields are running mildly higher: 5s +.0649 at 4.3032%, 10s +.0561 at 4.2770%, 30s +.0586 at 4.4074%, while curves reversed early steepening to mildly flatter: 2s10s -0.476 at -49.041, 5s30s -.722 at 10.150.
  • Look ahead: economic data surge Tuesday with Retail Sales, IP/Cap-U and TIC Flows, Several Fed speakers on tap as well.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

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.