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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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Free AccessMildly Cheaper Post Debt Optimism Hopes, Busy Docket Ahead
- Cash Tsys sit mildly cheaper across the curve, having reversed a mild rally in Asia hours with European markets continuing yesterday’s risk-on push with equities seeing a further pusher, seemingly in a continuation of debt ceiling optimism. Ahead, more emphasis than usual on initial jobless claims and Philly Fed plus Walmart earnings pre-market after shaker retailer reports, Fedspeak including VC nominee Jefferson and the 10Y TIPS auction.
- 2YY +1.3bps at 4.167%, 5YY +2.3bp at 3.607%, 10YY +2.7bp at 3.591% and 30YY +2.5bp at 3.878%.
- TYM3 trades 4 ticks lower at 114-14+ on cumulative volumes of 265k, higher than the recent average but still on the low side. The session low of 114-13 is close to support at 114-10 (May 1 low) after which lies the key support at 113-30+ (Apr 19 low).
- Data: Initial claims (0830ET) closely watched a) being a payrolls reference week and b) coming after Massachusetts fraud has been found to have played a large role in pushing claims higher in the past two weeks. The Philly Fed business survey for May (0830ET) is also watched after the typically volatile Empire survey slumped, with data finished off by existing home sales and the leading index at 1000ET.
- Fedspeak: Jefferson (0905ET), Barr (0930ET), Logan (1000ET).
- Issuance: US Tsy $15B 10Y TIPS auction (91282CGK1) – 1300ET
- Bills issuance: US Tsy $35B 4W, $35B 8W bill auctions – 1130ET
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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.