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.
We suggested the following chart was the most important chart for RBA policy (at least in the immediate term) a couple of weeks ago. Since then we have seen the RBA tweak borrowing conditions surrounding the ACGBs purchased under its 3-Year yield targeting scheme (effectively making it much more expensive to short the bonds covered by the scheme, resulting in the unwind of the increased usage of the RBA's Securities Lending Facility), continued dovish utterances from RBA Governor Lowe and the calming of core global FI markets (at least when compared to the volatility that was seen just a few short weeks ago).
Fig. 1: ACGB Apr '24/Nov '24 Yield Spread (bp)
Source: MNI - Markets News/Bloomberg
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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.