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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 AccessLate Market Roundup: Yields Higher Ahead Fri's Personal Income
Tsys have another whip-saw session, weaker across the board after the bell (30YY 3.6207% +.0270) to near mid-range for the session, yield curves flatter after spending much of the day steeper (2s10s -1.022 at -69.981). Robust volumes on two-way trade (TYH3>1.1m).
- Tsys extend lows (30YY taps3.662% high) before bouncing slightly after Q4 GDP climbs 2.9% (annual rate) - higher than estimated 2.6%, The real GDP beat for the Q4 advance was much less flattering in the details, heavily boosted by changes in inventories swinging from -1.2 to +1.5pps. Weekly claims lower than exp at 186k vs. 205k est, Core Durables beat and New Home Sales stabilized.
- Tsys pared losses after strong $35B 7Y note auction (91282CGJ4) breaking string of three consecutive tails w/ 3.517% high yield vs. 3.537% WI; 2.69x bid-to-cover vs. 2.45x last month. Also of note - January was clean-sweep for Tsy coupon/bond auctions, every one trading through this month.
- Fed funds implied hike for Feb'23 at 26.4bp, Mar'23 cumulative 46.9bp to 4.798%, May'23 56.8bp to 4.897%, terminal at 4.895% in Jun'23.
- Focus turns to Friday's personal income (+0.1% vs. +0.4%) and spending (-0.3% vs. +0.1%) release, last component ahead next week Wed's FOMC policy annc.
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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.