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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
- 10Y Tsy yields are down only 1.5bps on the day after sizeable swings, driven by lower real yields (-0.53%) rather than trimmed inflation breakevens.
- Instead, the 10Y breakeven has firmed 1bp to 2.99% and remains close to Thursday’s high of 3.03% despite another ~20bps of hikes being priced in for 2022 since then.
- Whilst there has been a similar increase in the 5Y5Y forward breakeven to 2.39% and a larger pop higher in the 5Y5Y inflation swap to 2.67%, both remain broadly at levels that FOMC members have described recently as being anchored, but will likely have particular sensitivity to if this latest increase continues.
US 10Y breakeven (white), 5Y5Y breakeven (yellow), 5Y5Y inflation swap (green) and Fed Funds Dec'22 FOMC implied rateSource: 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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