Free Trial

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

Dallas Fed’s Logan On Significantly Restrictive Level

  • Logan (’23 voter) noted in her speech that “importantly, in recent months, real medium-term interest rates as measured by the yields on Treasury Inflation Protected Securities have averaged above 1.5 percent. That is a significantly restrictive level given that most estimates suggest the neutral real interest rate is below 1 percent.”
  • It’s hard to get 5Y real yields averaging above 1.5% unless you look over a long enough period back to late Sep but nevertheless, today’s 11bp increase to 1.57% on CPI (closer to 14bps just prior to the data) as it continues to push off lows of 1.2% pre-payrolls two weeks ago should help get back to that ‘significantly’ restrictive level.

5Y real yieldSource: Bloomberg

To read the full story

Why Subscribe to


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.