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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
- A clearance of key support for TYU3 at 112-29+ (trading at 112-22+ and next eyeing 112-16) appears to have let the rest of the yield curve shunt higher.
- Front end to belly yields are currently up~12bps despite most recently pulling back off fresh highs since Mar 10, in sizeable cheapening pressure ahead of the tomorrow’s FOMC decision.
- The increase in front end yields see Tsys underperform core EU FI (5-6bps higher on the day) but still significantly outperform Gilts (+26bps) at the earlier cash close after strong labour data have sent BoE rate expectations surging.
- FOMC-dated OIS doesn’t shake off the post-CPI hit for near-term meetings with just +2bps for tomorrow and a cumulative +17bps for July (-5bps since the data) but the Dec’23 has continued to increase to 5.14% for +7bps on the day and just 14bp of cuts from the 5.28% terminal now seen in September.
Source: 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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