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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA OPEN: Nov Job Gains, Fed Blackout, CPI/PPI Ahead
MNI UST Issuance Deep Dive: Dec 2024
MNI US Employment Insight: Soft Enough To Keep Fed Cutting
MNI ASIA MARKETS ANALYSIS: Jobs Data Green Lights Rate Cuts
Light Twist Steepening Of Curve
Cash Tsys see a light twist steepening move vs. Wednesday’s close, with yields -/+1bp on the day.
- TYZ3 coils in the lower end of yesterday’s range, last +0-03, firming a touch alongside Bunds.
- A narrower than expected monthly trade surplus out of China (exports and imports weren’t quite as soft as expected) did little for Tsys.
- Light downticks in e-minis and crude oil are looked through.
- FOMC-dated OIS is little changed on the day, showing a terminal rate of 5.45% come November, before ~35bp of cuts are priced through June ’24. A quick reminder that FOMC-dated OIS finished yesterday a little shy of ISM services-inspired highs, but the move over the last coupe of months has seen a notable moderation in the easing priced into the space (the Nov ‘23/Jun ’24 OIS spread briefly showed below -80bp in mid-July).
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.