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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 significant two-step rally following payrolls and ISM services has been reflected in real yields, with breakevens seeing much smaller moves (5Y -2bp, 10Y -1.5bp).
- That is however after recent sizeable declines for breakevens, with the 5Y of 2.23% nearing early Oct’22 lows that in turn were the lowest since early 2021 and significantly below ~3% before the start of the Ukraine war.
- This has seen significant compression towards the 5Y5Y breakeven of 2.17%, a more typical long-run level and indeed Bullard’s presentation yesterday noted that inflation expectations are consistent with the 2% inflation goal.
5Y breakeven (white) and 5Y5Y breakeven (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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