MNI BRIEF: US Treasuries Seen Increasingly Risky-JH Paper

MNI: FED’S POWELL: TIME HAS COME FOR POLICY TO ADJUST

MNI China Daily Summary: Friday, Aug 23

MNI: PBOC Net Injects CNY241.5 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1358 Fri; +2.17% Y/Y

CHINA PBOC CONDUCTS CNY379.3 BILLION VIA 7-DAY REVERSE REPOS FRI

MNI: US JUL NEW HOME SALES +10.6% TO 0.739M SAAR

EZ/UK Bond Supply Calendar: EFSF RfP Sent, EU-Bonds Due Monday

MNI: CANADIAN JUN RETAIL SALES -0.3%; SALES EX-AUTOS/PARTS +0.3%

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

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

Front End Rates Stubbornly Lower

US EURODLR FUTURES
  • Eurodollars are up as much as 4 ticks in later-dated whites and 3.5 ticks in most reds despite 2Y Tsy yields only edging -0.4bps to 0.764% in today's resumption of a sizeable bear steepening.
  • The Dec’22 is up 4 ticks at 98.950 and has unwound yesterday’s sell-off whilst the Dec’23 is up 2.5 ticks at 98.330, back in the middle of today’s range.
  • The move had started prior to US data but was spurred on as surprisingly soft ISM prices paid outweighed a new high for the JOLTS quits rate, before a modest pullback potentially on less dovish comments from Kashkari (2023 voter).
  • There has been a similar story in Fed Funds futures, which have pulled back to an implied 65-70% chance of a hike at the March meeting from 70% earlier today (but 40% prior to the Dec FOMC) and back to just under 3 hikes for 2022, off from yesterday's high of 3.1.
  • There are many triggers in either direction ahead, including FOMC minutes and various service surveys starting tomorrow, durable goods and Bullard (2022 voter) speaking on Thu and of course payrolls on Fri.
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.