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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 AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
Late Risk-On Unwinds, Focus On Thu CPI
Late risk-on unwinds Wednesday as accounts scaled back tactical bets ahead Thursday's key inflation metric Jan CPI (MoM 0.6% rev, 0.4%; YoY 7.0%, 7.2%).
Yields quietly gained after the bell (10YY 1.9433% vs. 1.9071% in post-10Y auction trade) while stocks pared gains after marching to new late session high of 4580.0 after crossing 50-day EMA of 4563.47 earlier.
- Tsy futures extends session highs after strong $37B 10Y note auction (91282CDY4) trades through 2.3bp: 1.904% high yield vs. 1.927% WI; 2.68x bid-to-cover better than last month's 2.43x but still shy a 2.51x 5-month average.
- Indirect take-up surges to 77.56% vs. 65.53% last month (lowest since July '21); direct bidder take-up falls to 15.00% vs. 17.86%, while primary dealer take-up shrinks to record low of 7.44% vs. 16.61% prior.
- Waffles from Cleveland Fed President Loretta Mester, FI markets see-sawed around midday comments that Mester Wants Faster Hikes If Inflation Stays .. but sees No Compelling Case for 50BP Fed Hike.
- Mixed Eurodollar/Tsy option trade: Better upside Eurodollar call skew buying in first half a departure from better downside / rate-hike insurance buying via low delta puts (positions remain on books of course, with some rolling out to mid-late year put buying last few sessions). Meanwhile, Tsy options saw better put skew buying, ATM vol sales.
- After the bell, 2-Yr yield is up 0.5bps at 1.3461%, 5-Yr is down 1.8bps at 1.7985%, 10-Yr is down 3.6bps at 1.927%, and 30-Yr is down 2.6bps at 2.2313%.
To read the full story
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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.