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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.
BONDS
Curves are disinverting amid a risk-off driven bull steepening, with short end yields rallying hard as central bank cuts are priced out. Unsurprisingly the disinversion has been triggered by bank concern headlines - see chart of US and German 2s10s.
- Still some room to go on the steepening vs this week's extremes (German 14bp more inverted than -21bp seen Tuesday; US still 7.5bp steeper to go to Tuesday's -41bp).
- The German 2Y yield has been leading the way most of the morning, falling as much as 34bp to 2.549% this morning (though still room to go for Tuesday's low which was just below 2.43%, and last trading 2.65%).
- Checking on latest cash yield levels:
- Germany: 2-Yr yield is down 22.7bps at 2.665%, 5-Yr is down 20.7bps at 2.305%, 10-Yr is down 16bps at 2.26%, and 30-Yr is down 12.9bps at 2.281%.
- US: 2-Yr yield is down 23.8bps at 4.012%, 5-Yr is down 19.9bps at 3.6539%, 10-Yr is down 16.9bps at 3.5204%, and 30-Yr is down 12.4bps at 3.6794%.
Source: BBG, MNI
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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