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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.
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Free AccessHolding Cheaper After Retail Sales and Broader Confluence Of Factors
- Cash Tsys heading nearer the close with the 2Y +13bps after most of the action came early with retail sales. Even though the ex-autos & gas/control group beats were small, they were treated as at least ruling out consumers coming under the cosh following banking stresses and built on better-than-expected large bank earnings landing beforehand.
- Moves were further stoked by hawkish commentary from the Fed’s Waller before a surprise jump in near-term U.Mich inflation expectations.
- The front end drags the rest of the yield curve higher, with 10YY +7.5bps (real yields +5.5bps), whilst in futures space, TYM3 trades at 114-28+ (-18) off a post-retail low of 114-23 that stopped short of 114-18 (Apr 3 low).
- Fed Funds: 20bp hike for May FOMC, a cumulative 24bp of hikes for Jun, mostly reversed by Sep and moving onto 35bp of cuts from current levels to year-end vs closer to 50bps yesterday.
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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.