MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: PBOC Sets Yuan Parity Lower At 7.1843 Weds; -1.22% Y/Y

MNI BRIEF: Japan Nov CGPI Rises 3.7% Y/Y, Import Prices Drop

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Drop in Jobs Opening JOLTS Markets

US TSYS
  • Active session Tuesday as Tsy futures gapped higher after lower than expected JOLTS Job Openings (8.733M vs. 9.3M est, 9.350M prior down-revised from 9.553M) - the biggest monthly drop since May 2023 and marks the lowest level of job openings since March 2021, with the ratio of openings/unemployed dropping to 1.34, the lowest since Aug 2021.
  • Underlying futures rallied back to early September levels following lower than expected JOLTS data while markets reprice 2024 rate cut projections: December steady at -.3bp at 5.333%, January 2024 cumulative -3.8bp at 5.298%, March 2024 chance of rate cut climbs to -60.0% (vs. -55.2% this morning) with cumulative at -18.8bp at 5.148%, May 2024 pricing in -72.4% (-71.2% this morning) with cumulative -36.9bp at 4.967%. Fed terminal at 5.33% in Feb'24.
  • Additional data saw less of a reaction: ISM Services Index higher than est (52.7 vs. 52.3, 51.8 prior), Prices Paid (58.3 vs. 58.0 est, 58.6 prior), Employment lower (50.7 vs. 51.4 est, 50.2 prior), New Orders higher (55.5 vs. 54.9 est, 55.5 prior). Tsy futures pared support briefly after in-line S&P Global US Services PMI (50.8 vs. 50.8 est, 50.8 prior); S&P Global US Composite PMI (50.7 vs. 50.7 est, 50.7 prior).
  • Wednesday Data Calendar: ADP, Nonfarm Productivity, Unit Labor Cost. Main focus still on Friday's employment data for November.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.