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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 AccessCurve Marginally Steeper, Pare Post-Fitch Gains
TYU3 deals at 111-01, +0-05, a touch off the base of the 0-07+ range on volume of ~109k.
- Cash tsys sit 1bp richer to 1bp cheaper across the major benchmarks, the curve has twist steepened pivoting on 5s.
- Tsys firmed in early dealing after Fitch downgraded the US to AA+ from AAA. Fitch noted that the rating change reflected an expected fiscal deterioration over the next three years, a high and growing government debt burden and repeated debt limit standoffs.
- A retreat from session highs was observed, perhaps as the aforementioned Fitch downgrade was based on governance and medium term fiscal challenges but not new fiscal information. The move came alongside pressure on regional equities and the USD ticking higher.
- FOMC dated OIS remain stable, a terminal rate of 5.40% is seen in November with ~60bps of cuts by June 2024.
- There is a thin docket in Europe today. Further out ADP Employment provides the highlight.
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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.