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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
- Contrary to the recent increase in surveyed inflation expectations – both NY Fed today and U.Mich Friday – Treasury breakevens have dipped 3-3.5bps today on the back of a 8-9bp increase in real yields.
- This leaves the 10Y at 2.38%, back near levels shortly after the Nov 2 FOMC and otherwise last seen in mid-October as they continued to climb after the then CPI upside surprise.
10Y breakeven
Source: Bloomberg
- That increase in real yields, with the 10Y +8.5bps since Thursday’s close, goes against S&P E-mini up 0.75% over the same period, after the initial substantial adjustment in rate expectations (lower) and equities (higher) after the miss in US CPI.
US 10Y real yield (white) and ESA (yellow)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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