-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Global Macro Weekly -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMidday Roundup: Volatile First Half, Yields Lower Ahead FOMC
- Relatively volatile first half for a FOMC session:
- Treasury futures pared gains after higher than expected ADP employment gain of +296k (+148k est). Rates rebounded following the latest Treasury refunding announcement, auction sizes in-line with expectations but reintroducing buybacks in 2024 to smooth liquidity issues around auctions.
- Little reaction to a minimal downward revision for the final April S&P Global US Service PMI, holding onto its at-the-time surprise increase from 52.6 to 53.6 (initial 53.7) for what is still the highest since Apr’22.
- Rates extended highs but drew fast selling after ISM Service index data showed ongoing volatile new orders that didn't offset prior weakness (+3.9pts after -10.4pts in Mar)
- Treasury futures have since see-sawed higher with Jun'23 10Y futures marking 116-03 high, nearing resistance of 116-08 (High Apr 12). A break would reinforce current bullish conditions and signal scope for a climb towards 116-30 (High Apr 5 / 6).
- Fed funds implied hike for today's FOMC is currently at 22.3bp, Jun'23 cumulative +23.1bp at 5.061%. Projected rate cuts for late 2023 are back near last week's highs: November cumulative currently -22.5bp (-31.1bp on 4/25) at 4.605, Dec'23 cumulative -45.3bp (-52.1bp on 4/25) at 4.377, while, Jan'24 cumulative is at -68.5bp vs. a full three 25bp cuts last week.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.