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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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- Today's growing rally in Tsys is driven entirely by lower breakevens, with real yields flat to slightly tighter and not offering any offset to souring risk sentiment.
- It helps see a further unwind of the recent rise in 5Y breakeven (currently 2.94%), contrary to recent partial correlation with oil prices as they edge higher.
- More interestingly, the 5Y5Y forward of 2.25% is down from 2.33% yesterday and now the lowest since early March as longer-term inflation expectations continue to trend lower.
5Y breakeven (white), 5Y5Y breakeven (yellow) and WTI 1st fut (yellow)Source: Bloomberg
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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