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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.
US DATA
- Job openings were higher than expected in May, falling from an upward revised 11.68M to 11.25M (cons 10.9M).
- Combined with largely unchanged unemployment, it sees the ratio of job openings to unemployed fall at a slightly faster pace, going from 1.99 in March to 1.97 in April and now 1.89 in May, but it remain historically elevated and well above the 1.1 Powell has previously seen as a more balanced figure.
- There’s a similar story in the quit rate, dipping a tenth to 2.8% in total and 3.1% for the private sector, with the latter trending lower from the Nov’21 peak of 3.4%.
- The net result is a modest fading of inflationary pressures but at a slower pace than expected. Hitting at the same time as a more robust than expected ISM services, Treasuries has lurched to a sizeable bear flattening (2Y +9.5bps, 10Y +6.5bps) and there’s been a more modest repricing of Fed hikes in near-term meetings (July to 70bps, Sep to 122bps).
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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