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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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- A large part of today’s Tsy sell-off comes from higher inflation breakevens, especially in the front-end to belly rather than longer end as oil surges higher.
- The 5Y breakeven is 6bps higher at 2.67%, moving further off last week’s low of 2.50% to the highest since Jul 5 but still close to pre-taper levels having tumbled lower through June and with a similar story in swaps.
- Longer-term measures are more encouraging for the Fed, with the 5Y5Y breakeven almost unchanged at 2.07%, close to both pre-Ukraine war and 2021 lows.
- It follows two conflicting surveys last week, with the preliminary U.Mich survey of 5-10Y consumer inflation expectations surprisingly falling from 3.1% to 2.8% for July but a large rise in the share of businesses in the Atlanta Fed's survey seeing unit costs inflation averaging more than 5% over 5-10Y.
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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