-
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 AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
Mixed SOFR Positioning Swings Around CPI
The combination of yesterday’s twist flattening of the SOFR strip and preliminary OI data point to the following positioning swings in the wake of the CPI data-/30-Year Tsy supply-induced swings.
- Whites: A mix of apparent short setting and long cover, with relatively notable net positioning swings in 3 of the 4 contracts in the final full pre-Fed decision trading session. Short setting in SFRZ3 and SFRM4 stood out in net terms, while the apparent round of long cover in SFRU3, presumably on the firmer supercore CPI reading, came after a relatively consistent run of fresh long setting on the back of SOFR fixing quirks and dovish Fed repricing.
- Reds: An apparent mix of short setting (SFRU4 & H5), long cover (SFRZ4) and little net change (SFRM5).
- Greens: A mix of apparent short cover (SFRU5 & M6) and long setting (SFRZ5 & H6).
- Blues: Apparent light net long setting in the main, with some apparent short cover in SFRM7 bucking the broader trend.
12-Dec-23 | 11-Dec-23 | Daily OI Change | Daily OI Change In Packs | ||
SFRU3 | 1,119,449 | 1,183,161 | -63,712 | Whites | +61,535 |
SFRZ3 | 1,574,654 | 1,509,584 | +65,070 | Reds | -1,114 |
SFRH4 | 1,105,805 | 1,109,003 | -3,198 | Greens | +4,636 |
SFRM4 | 1,051,651 | 988,276 | +63,375 | Blues | +1,996 |
SFRU4 | 910,068 | 896,249 | +13,819 | ||
SFRZ4 | 958,214 | 974,539 | -16,325 | ||
SFRH5 | 556,543 | 554,637 | +1,906 | ||
SFRM5 | 610,769 | 611,283 | -514 | ||
SFRU5 | 598,574 | 603,017 | -4,443 | ||
SFRZ5 | 576,972 | 569,286 | +7,686 | ||
SFRH6 | 415,497 | 413,637 | +1,860 | ||
SFRM6 | 369,526 | 369,993 | -467 | ||
SFRU6 | 319,980 | 319,620 | +360 | ||
SFRZ6 | 245,843 | 243,578 | +2,265 | ||
SFRH7 | 148,348 | 147,436 | +912 | ||
SFRM7 | 140,251 | 141,792 | -1,541 |
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.