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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.
US TSYS
- Treasuries have seen a mixed overnight session, initially paring early losses seen with the late open (Japanese holiday), aided by EGBs, before coming under pressure as US desks filter in.
- The front-end is back at similar levels to Friday’s highs after the initial reaction to the PPI beats was more than offset by more dovish PCE implications.
- The long end meanwhile holds a firmly net cheaper impetus after former President Trump’s odds of election victory have stepped higher after the assassination attempt at the weekend.
- Cash yields sit between 0.5bp lower (2s) and 6bps higher (30s).
- 2s10s (-22bps) and 5s30s (33.5bps) have hit multi-month highs although remain within ytd highs, whilst 2s30s has received particular attention at +0.9bps as it disinverts for the first time since February. Thursday’s large 2.1bp tail for the 30Y helps further set the tone here.
- TYU4 at 111-00+ (-05+) has pared an earlier climb to 111-04+ on strong volumes of 450k, remaining within Friday’s range. The bull cycle remains in play with initial resistance at Friday's 111-08+ after which lies 111-13 (Mar 25 high).
- Ahead, Fed Chair Powell's Rubenstein interview is firmly in focus for his last appearance before the FOMC blackout.
- Data: Empire Fed mfg Jul (0830ET)
- Fedspeak: Powell (1230ET) – see STIR bullet, SF Fed’s Daly (1635ET)
- Bill issuance: US Tsy $76B 13W Bill, $70B 26W Bill auctions (1130ET)
US 2s30s disinvert for the first time since early 2024Source: Bloomberg
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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