CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

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

Mixed Results For Today’s 2Y Supply

JGBS

The 2-year bond supply has demonstrated mixed demand metrics, as the low price met dealer expectations, which had been projected at 99.985, as per the BBG poll, but the cover ratio declined to 3.481x from 4.072x in March. The auction tail was unchanged from last month.

  • With today's auction occurring at an outright yield around its highest level since 2009, the outcome underscores the influence of uncertainties surrounding the BoJ policy outlook on demand.
  • Indeed, today’s outcome is likely to be perceived as disappointing, especially considering the optimistic tone set by other JGB auctions in April. These auctions had provided relief to a market that had been under pressure since mid-December, driven by expectations of policy tightening from the BoJ.
  • It's worth noting, however, that today’s auction occurred amidst speculation of the BoJ's Policy Decision on Friday, casting a shadow over market sentiment.
  • There has so far been little reaction in the cash yield in post-auction trade.
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.