MNI China Daily Summary: Friday, February 3

MNI BRIEF: Professional Forecasters Up Inflation Outlook: ECB

MNI BRIEF: China To Fully Reopen Borders With HK and Macau

MNI DATA FORECASTS: RBA, Riksbank In Focus

MNI: US ISM JAN SERVICES COMPOSITE INDEX 55.2

RBA Watch

(RPT)MNI INTERVIEW: BOC In One And Done Zone - Chamber

Rpt- MNI INTERVIEW: BOC Losses May Dent Inflation Fight- Tombe

MNI BRIEF: EU Sees Statement After UK-EU Talks This Afternoon

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial
USDCAD TECHS

Key Support Remains Exposed

AUDUSD TECHS

Pullback Extends, But Still Looks Corrective in Nature

US TSYS

FED Remains in Play Post-NFP/ISM Data

US TSYS

Implied Vol Buoyed Post-NFP/ISM, Real Vol Delivered

US

President Biden To Conclude Infrastructure Tour In Philadelphia

US STOCKS

Late Equity Roundup: Early Support Evaporates Ahead Weekend

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access
Trending Top 5
Market News Topics

J.P.Morgan Believe 5s Require Further Concession To Facilitate Smooth Auction

US TSYS
HomepageBond Market NewsBulletMarketsFixed Income News

Ahead of Wednesday’s 5-Year Tsy auction J.P.Morgan note that “5-Year yields have declined 36bp since the December auction. The WI roll opened at -2bp, somewhat rich to our fair value estimate, and continues to trade near that level.”

  • “From a macro perspective, we think Treasuries have run ahead of fundamentals and appear rich relative to the market’s growth and inflation expectations as well as our medium-term growth forecast.”
  • “Along the curve, the 5-Year sector looks rich on the fly after adjusting for the level of rates and the shape of the curve. Despite strong auction momentum into the new year, valuations look rich and the recent outperformance premature, and therefore we think the auction is likely to require a further concession from current levels.”
124 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

Ahead of Wednesday’s 5-Year Tsy auction J.P.Morgan note that “5-Year yields have declined 36bp since the December auction. The WI roll opened at -2bp, somewhat rich to our fair value estimate, and continues to trade near that level.”

  • “From a macro perspective, we think Treasuries have run ahead of fundamentals and appear rich relative to the market’s growth and inflation expectations as well as our medium-term growth forecast.”
  • “Along the curve, the 5-Year sector looks rich on the fly after adjusting for the level of rates and the shape of the curve. Despite strong auction momentum into the new year, valuations look rich and the recent outperformance premature, and therefore we think the auction is likely to require a further concession from current levels.”