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Free AccessCurves bend steeper w/long end......>
US TSYS SUMMARY: Curves bend steeper w/long end extending session lows in late
trade/pared early bid into Fed chair Powell's second day of testimony (House
FSC). Muted react again, but US$ reversed gains/moved lower on comment from Fed
chair: "more worried by lower inflation": more of an off-hand comment in
response to what keeps him up at night as no issues "flashing red" for economy,
risks remain balanced. Futures volume remains low (TYU<675k). No react to data
today: housing starts (-12.3% to 1.173m vs 1.32M est).
- US$ index paring strong gains: DXY +0.0.37 to 95.022 vs. 95.407H; US$/Yen
lower -.08 to 112.80 (113.14H/112.71L); equities mildly higher (emini +3.0,
2814.25); gold off lows (XAU +0.01, 1227.57); West Texas crude firmer/off lows
(WTI +0.55, 68.63). Muted summer trade, rates slip lower as US$/GBP climb off
yr-to-date lows. Modest knock-on bid coming into session w/ Gilts after UK June
inflation surprises to the downside. Bullard Friday ahead Saturday blackout.
Good option flow, upside call buyers, 2s10s steepeners in 2s10s, deal-tied
hedging front end. Tsy cash/ylds: 2Y 99-25 (2.609%), 5Y 99-11.25 (2.764%), 10Y
100-01 (2.869%), 30Y 102-23.5 (2.985%)
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.