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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday
MNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
Curves flattening ahead of US CPI and FOMC Minutes
- Curves have been flattening this morning, with the biggest moves seen at the short-end while 10-year yields have remained more steady in comparison. Schatz yields are now at their highest since 3 April.
- The main focus for markets today will be the release of US CPI at 13:30BST / 8:30ET (see our preview here). We suspect any continued stickiness in non-housing core services will dictate the market reaction ahead of the May FOMC, with an 18bp hike currently priced. while the FOMC Minutes will also be watched closely (see our preview here).
- The Bank of Canada will announce its latest policy decision with rates expected to remain on hold at 4.50% (see our preview here).
- In addition we will also have a number of speeches scheduled: BOE's Bailey, ECB's de Cos and Villeroy, Fed's Barkin and Daly.
- TY1 futures are down -0-1 today at 115-11 with 10y UST yields up 1.0bp at 3.438% and 2y yields up 2.4bp at 4.049%.
- Bund futures are down -0.24 today at 135.63 with 10y Bund yields up 1.1bp at 2.318% and Schatz yields up 5.1bp at 2.746%.
- Gilt futures are up 0.02 today at 103.24 with 10y yields down -0.6bp at 3.533% and 2y yields up 0.4bp at 3.477%.
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.