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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 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
Long End Underperforming Ahead Of FOMC Minutes And 20Y Supply
Treasuries have been trading without much direction early Wednesday, as we await 20Y supply and the FOMC minutes release later for Fed guidance on asset taper / rate hikes.
- After touching session lows in late Asia-Pac hours, Tsys in sympathy with global core bonds gained in London trading following softer-than-survey UK CPI, combined with equities paring an early rise.
- Very much within narrow ranges though: Sep 10-Yr futures (TY) down 1/32 at 134-07.5 (L: 134-03.5 / H: 134-10). And volume nothing special (~250k TYU1 traded).
- Cash curve trading mixed, with longer-end underperformance ahead of supply: The 2-Yr yield is down 0.4bps at 0.2094%, 5-Yr is down 0.5bps at 0.762%, 10-Yr is up 0.2bps at 1.2634%, and 30-Yr is up 0.6bps at 1.925%.
- The July FOMC meeting minutes are released at 1400ET; before that, at 1200ET, St Louis Fed Pres Bullard discusses the US outlook at an online event.
- A lighter day on the data front vs Tuesday: MBA Mortgage Apps at 0700ET, with building permits and housing starts at 0830ET.
- Supply highlight is $27B of 20Y Bond at 1300ET; also $30B 119-Day bill sale at 1130ET. NY Fed buys ~$8.425B of 2.25-4.5Y Tsys.
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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.