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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 T-BILLS
- Relatively little reaction in T-bills to most participants judging it appropriate to redeem bills when Tsy coupon principal payments are below the cap -- only a few analysts had expected inclusion.
- 3M bills trade 1bp softer since the release (unchanged from 15mins before the minutes) at 0.66%, which is presumably unsurprising with a ramp-up period of three months or modestly longer for Tsys.
- 12M bills sold off 4.5bps, indicating a greater likelihood of months where the Tsy cap isn’t met, but only to earlier intraday highs and more surprisingly giving more than half of this back at 1.688%.
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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