MNI: PBOC Net Drains CNY248 Bln via OMO Tuesday

MNI: PBOC Sets Yuan Parity Higher At 7.1996 Tue; -1.92% Y/Y

MNI: US NOV FINAL MANUF PMI 49.7 (FLASH 48.8); OCT 48.5

MNI NBP WATCH: Another Policy Hold, Dovish Communications Tilt

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

MNI: PBOC Net Drains CNY216 Bln via OMO Monday

MNI:AUSTRALIA Q3 CURR ACCT BALANCE -14149M

MNI: UK BRC NOV BY VALUE SHOP SALES LFL -3.4% YY, TOTAL -3.3% YY

EZ/UK T-Bill Calendar: Spain, Belgium, ESM Auction on Tuesday

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

MNI EXCLUSIVE: German Turmoil Dashes EU's Joint-Funding Hopes -Officials

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

Holding Modest Post Auction Gains

US TSYS
  • Curves holding flatter profiles (2Y10Y -3.447 at -51.340) with bonds outperforming since the $21B 30ZY reopen sale stopped .3bp through: 4.344% vs. 4.347% WI.
  • Trading desks had reported leveraged$ selling of CT30, real$ accounts selling off-the-run 30s into the post data rally, while unwinds of pre-auction short sets contributing to the post-auction bounce.
  • Currently, March'24 30Y futures trading at 119-17 (+17) -- still off this morning's post-CPI high of 120-09; March'24 10YT futures +9 at 110-19.5 vs 110-31.5 high. Initial technical resistance of 111-09+ (High Dec 7 and bull trigger) still intact.
  • Focus turns to Wednesday morning's PPI: MoM (-0.5%, 0.0%), YoY (1.3%, 1.0%), and of course the FOMC rate annc and SEP at 1300ET followed by Chairman Powell's presser at 1430ET.
  • The Fed will likely lower its median "dot plot" estimate for policy interest rates at the end of 2024 to around 4.9%, former officials and staffers told MNI, as expectations build for the first rate cut to come as early as the first half of the year.
  • "My expectation is that the median will probably show two 25-basis-point cuts next year," said ex-Boston Fed chief Eric Rosengren, whose own forecast is for two to three cuts starting as early as the second quarter.
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.