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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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- Climbing real yields are behind today’s cheapening in Treasuries, with 5Y and 10Y real rising 12-13bp.
- The counterpart to that the 5Y inflation breakevens consolidating a 20bp climb off last week’s lows of 2.12%, but at 2.32% it remains below pre-taper levels and relatively resistant to the recent climb in commodities prices (Bloomberg commodity price index +4.5% this week, including WTI +10%).
- With markets expecting Fed Funds to hit a terminal 4.5% in Mar’23 before 4.2% in Dec’23, it shows market expectations remaining anchored without meeting the SEP median dot of 4.6% for end-2023.
5Y breakeven (yellow), 5Y real (green) and DXY (pink)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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