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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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Free AccessJ.P.Morgan Flag Need For Above-Avg. End-User Demand At 10-Year Auction
J.P.Morgan note that Wednesday will see Treasury “auction $35bn 10-Year notes, $1bn smaller than the last new-issue auction in May. Since the last auction, 10-Year yields have declined by 17bp, though they are 19bp above their local lows reached last week. At current levels, yields appear more than 30bp too low relative to fundamental drivers, and the sector is modestly rich versus the wings after adjusting for the level of rates and the shape of the curve. The WI roll opened at -1.0bp, somewhat richer than our estimates, and is trading at -0.625bp, underperforming the erosion of carry. Overall, with yields near the lower end of the range they have held over the last few months, valuations appearing rich, and risk appetite relatively light, we think it will require above-average end-user demand to underwrite this auction smoothly.”
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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.