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Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
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Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI Commodity Weekly: Oil Markets Assess Trump Impact
MNI Gas Weekly: Winter Weather Takes the Driver's Seat
Improved Risk Appetite Holding
Risk appetite improved Thursday, rates holding narrow range near lows since late morning while equities surged -- Dow surged over 600.0 at one point while eminis traded +60.0 at 4444.0 after the FI close, US$ index DXY -.418 at 93.044.
- Brief risk-off move ahead the NY open as China's Evergrande continued to roil markets. Early risk-on tone scaled back slightly after headlines that Chinese officials told "local governments to prepare for downfall" (DJ) of real-estate developer.
- Quickly discounted, risk-on tone gained momentum into midday as participants ruminated over timing and speed of tapering as precursor to lift-off. Main takeaway from Fed Chair Powell's presser: reinforcement that taper very likely annc in Nov barring a poor Sep jobs report (mark your calendar for Fri October 8 ). Re: Sep payrolls report, Powell actually said he's looking for a "reasonably good one" and later a "decent" one, and NOT a "knockout, great, super strong employment report".
- Little react to weekly claims, +16K to 351K; continuing claims +0.131M to 2.845M
- Bonds more than reversed post FOMC gains, yield curves bear steepening -- while 5s30s held below 100bp, front end curves surged: 2s10s +8.5 at 114.7 -- near last Fri's high print -- that married up with strength in financials / banks today.
- Decent overall volumes as yields climbed, two-way deal-tied hedging on $10B corp supply, some option hedging ahead Fri's Oct Tsy expiration.
- The 2-Yr yield is up 2bps at 0.2567%, 5-Yr is up 7.8bps at 0.9286%, 10-Yr is up 10.6bps at 1.4061%, and 30-Yr is up 11.3bps at 1.9207%.
To read the full story
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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.