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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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Free AccessFed done, now for the ECB
- Core fixed income and STIR futures are all lower this morning, following on from the Fed's more hawkish-than-expected dot plot at yesterday's meeting (although we note that EGBs and gilts are off the lows seen near the European cash open while Treasuries are also off their lows of the day, and the UST intraday low remains above yesterday's low).
- Focus now switches to the ECB where a 25bp hike today is widely expected along with confirmation of the previous decision to end APP reinvestments in July. Absent a sharp drop in core inflation, we would expect the ECB to hike again in July. Even if the ECB were to raise rates further in September, the MNI Markets team expects that this would likely be the last turn of the screw.
- Later today will also see US retail sales, import/export prices, industrial production and business inventory data.
- TY1 futures are down -0-2+ today at 112-25+ with 10y UST yields up 1.8bp at 3.807% and 2y yields up 3.5bp at 4.724%.
- Bund futures are down -0.47 today at 132.82 with 10y Bund yields up 4.6bp at 2.494% and Schatz yields up 6.8bp at 3.068%.
- Gilt futures are down -0.12 today at 945.56 with 10y yields up 1.8bp at 4.406% and 2y yields up 4.8bp at 4.856%.
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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.