MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI BRIEF: Former BOC Dep Beaudry Sees 2.75%-3% Rate In 2025

BOC WILL BE CONSDIERING FURTHER RATE CUTS

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

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

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

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

FI Sell-Off: Like Another FOMC Day Sans FOMC

US TSYS
US FI markets sold off in response to renewed hawkish Fed speak Monday, Tsy yields steadily higher with 30Y tapping 2.5531% late (highest lvls since Aug 2019).
  • Initial weakness after Atl Fed Bostic said uncertainty emanating from war in Ukraine has not altered his view to get going soon on reducing the balance sheet at a faster pace than after the financial crisis, a move that will complement the interest rate path.
  • Like another FOMC day sans FOMC: FI sell-off accelerated early afternoon after Fed Chair Powell's hawkish comments from NABE conf, willingness to make "more than 25bp" hikes at each meeting in order to keep inflation in check if needed.
  • Eurodollar Whites fell as much as -0.225 (EDU2-EDH3 -0.175-0.185 settle) as futures price in combination of 2 full points of rate hikes by year end.
  • Why wasn't Chair Powell more Hawkish at the March 16 FOMC, one trader queried. Another desk pondered today's moves meant either markets under-reacted to the March 16 FOMC or are over reacting today -- maybe a combination of both.
  • Data roundup for Tuesday: More Fed Speak Than Data (Richmond Fed Mfg):
    • 0910ET: NY Fed Wuerffell Sr VP on post-LIBOR world, ISDA webinar, Q&A
    • 1000ET Richmond Fed Mfg. Index (1, 2)
    • 1035ET: NY Fed Williams BIS panel discussion, no text, moderated Q&A
    • 1130ET: US Tsy $34B 52W bill auctions
    • 1400ET: SF Fed Daly Brookings Inst discussion
    • 1700ET: Cleveland Fed Mester on economy, mon-pol, text and Q&A
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.