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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 China Daily Summary: Friday, December 13
MNI US OPEN - UK Economy Contracts for Second Straight Month
J.P.Morgan Believe 5-Year Supply Requires Further Concession
J.P.Morgan note that Tuesday will see Treasury auction “$46bn 5-Year notes, $1bn smaller than last month. Since the last auction, 5-Year yields have declined 37bp and are trading near the low end of their 3-month range, as the market-implied terminal funds rate has also fallen alongside weakening economic data. The sector appears fairly valued along the curve after adjusting for the level of rates and the slope of the curve. The WI roll opened at +0.25bp and is now trading at -0.35bp, in excess of the erosion of carry. Despite fair valuations, with the auction occurring the day before the FOMC announcement, we think risk appetite may be impaired. Moreover, liquidity remains depressed, with 5-Year market depth still near the lows of recent months. Thus, we think tomorrow’s auction will require some further concession from current levels.”
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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.