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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 AccessSteepening Stalls
A busy morning in global fixed income has seen Tsys gain sharply since about 0500ET, with markets still digesting the Fed's monetary policy framework shift, as well as potential ripples from Japan PM Abe's resignation (with a bit of month-end thrown in).
A long-end Tsy rally has meant curve steepening has stalled over the course of the session, w 5s30s higher but 3+bps off best levels (in contrast to Europe where curves continue to steepen). Equities have been back and forth but one consistent theme all session is USD selling.
The 2-Yr yield is down 1bps at 0.1485%, 5-Yr is down 1.7bps at 0.2957%, 10-Yr is down 1.1bps at 0.7408%, and 30-Yr is up 0.1bps at 1.5103%. Sep 10-Yr futures (TY) up 3.5/32 at 139-02.5 (L: 138-23 / H: 139-03).
The morning sees a decent data slate, with July personal income/spending (0830ET) the highlight. Then at 0945ET we get MNI Chicago PMI, followed 15 mins later by final Aug UMich sentiment.
The Fed's Jackson Hole conference wraps up too, but no FOMC speakers. Most attention will be on next week's pre-blackout appearances by the likes of Clarida, Brainard, and Williams.
NY Fed buys ~$12.825B of short-end Tsys.
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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.