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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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- Moving beyond the 10Y TIPS auction, real yields have swung today to currently sit little changed on the day with the move in nominal yields instead driven by a lower inflation breakeven.
- The move is even more pronounced in the belly, with the 5Y breakeven -10bps at 2.58% as it unwinds the drift higher since last week’s CPI and with risk sentiment firming over that period.
- It’s still off recent lows of 2.48% but still helps reinforce the sizeable decline in the inflation breakeven from 2.95% prior to the Jun FOMC to back close to pre-taper levels.
- The separate 5Y5Y inflation swap is also close to recent lows and at 2.40% is close to the ballpark of being consistent with 2% PCE.
5Y5Y inflation swap (yellow), 5Y breakeven (white), and differentialSource: 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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