MNI BRIEF: BOJ Tankan: Business Inflation Expectations Solid

MNI BRIEF: RBA Details Hypothetical Monetary Policy Paths

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI INTERVIEW2: Poland To Push For EU Defence Fund

MNI: UK DEC GFK CONSUMER CONFIDENCE INDEX -17

EZ/UK Bond Supply Calendar: Belgium ORI Facility on Friday

US EIA:NAT GAS STORAGE -190 BCF TO 3,747 BCF DEC 06 WK

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Late Roundup: Short End Extends Session Highs

US TSYS
  • Yield curves are bull steepening (2s10s -46.511 high) with front end Treasury futures extending session highs late trade while bonds hold to session range over last few hours. Front month 2Y futures tapped 103-24.38 (+17.5) before receding to 103-22.5 last few minutes, 2Y yield falls to 3.8520% low.
  • Timing of move coincided with headlines that four European banks (including SocGen and Deutsche Bank) have put curbs on trades with Credit Suisse. Not as proactive or positive as receiving a liquidity backstop from SNB, but markets may perceive ringfence move to prevent contagion as systemically positive.
  • In the meantime, Short end futures implied rate hikes have drifted back near midweek highs: Fed funds implied hike for Mar'23 at 16.0bp (-3.0bp from this morning), May'23 cumulative 22.1bp (-13bp) to 4.798%, Jun'23 2.7bp (-21.7bp) to 4.608%.
  • Implied cut for Jul'23 at -26.3bp to 4.318%, Sep'23 cumulative of -44.5 to 4.323%; peak Fed terminal rate has fallen to 4.795% for May'23 vs. 4.920% earlier.
  • Next week outlook, no economic data Monday, while the Tsy will auction bills late morning. FOMC kicks off first of two day FOMC meeting on Tuesday.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.