MNI: JAPAN NOV CORP GOODS PRICE INDEX +3.7% Y/Y; OCT REV +3.6%

TRUDEAU SAYS IT LOOKS LIKE BOC WILL BE LOWERING RATE AGAIN

MNI BRIEF: Canada Commits To Just One Of Three Fiscal Anchors

MNI BRIEF: Brazil Not Even Close To Fiscal Dominance - David

CORRECTED-MNI BRIEF: Brazil Inflation Rises To 4.87% In Nov

MNI China Daily Summary: Tuesday, December 10

MNI: USDA: 2024/2025 CORN PRODUCTION EST 15.14B BSL

EZ/UK T-Bill Calendar: 12-Month BOT Auction on Wednesday

EZ/UK Bond Supply Calendar: 4.25% Jul-34 Gilt Due Wednesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Markets Roundup: Late Risk-Off, Debt Ceiling Impasse Remains

US TSYS
Rates extended modest session highs in the last few minutes, apparent risk-off move as White House debt ceiling negotiators depart the capitol while stocks extend session lows (SPX Eminis tap 4169.25) in turn as no resolution to avoid default somewhere on or after June 1 yet reached.
  • Treasury Jun'23 10Y futures marked a session high of 113-18 (+3), yield slipped to 3.7111% low. Short end continues to underperform, Jun'23 2Y futures -2.25 at 102-14.88; 2s10s curve -3.639 at -64.338 - implying higher market expectation over near-term default.
  • Separately, Fed Chairman Powell has left the New Democrat Coalition lunch recently, lack of notable headlines from the closed door meeting other than to note debt-ceiling was not part of the discussion.
  • Despite the bounce, Treasury futures bear cycle extends. The break of 113-30+ last week, the Apr 19 low and a key support, has strengthened a bearish theme. Today’s move lower opens 112-30 next, a Fibonacci retracement.
  • On the upside, initial resistance is seen at 113-30+ ahead of the 50-day EMA, at 114-25. A break of the average is required to signal a potential reversal.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.