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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 rallied sharply with the surprise flat ISM mfg reading (yesterday's Chicago PMI strength likely created some asymmetrical skew in market reaction to a miss), with only limited paring of gains despite the strength in prices paid and new orders pushing higher (but still in contraction territory).
- The belly leads the rally on the day, sitting 4.5-5bp richer at typing.
- TYH4 lurched to a high of 110-10 (latest 110-07), remaining within yesterday’s range throughout.
- Goolsbee (’23 voter) likely helps at the margin as well even if his tone remains at the dovish end of the FOMC spectrum (no evidence we’ve stalled at 3% inflation, on track to get to 2%).
- There is now 16bp of cumulative cuts priced for March and two cuts with June (51bp cumulative), building to 120bp by end-2024.
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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