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MNI ASIA MARKETS ANALYSIS: 50Bp Rate Cut Hopes Persist

HIGHLIGHTS:
  • Treasury curves bull steepened Friday as speculation over larger than a 25bp cut from the Fed at next week's FOMC continued, 2s10s climbing to the highest level since early July 2022 (8.516).
  • Heavy short end buying (Dec'24 SOFR +.090 at 95.975) helped projected rate cut pricing by December climb to 117.2bp.
  • Market speculation over lower yields also continued to underpin stocks as major indexes climbed to two week highs.
  • Steeper yield curves and projected rate cut gains into year end were underscored by a modest dip in this morning's UofM 1Y inflation expectations (2.7% vs. 2.8% est) and a rise in sentiment (69.0 vs. 68.5 est).

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HIGHLIGHTS:
  • Treasury curves bull steepened Friday as speculation over larger than a 25bp cut from the Fed at next week's FOMC continued, 2s10s climbing to the highest level since early July 2022 (8.516).
  • Heavy short end buying (Dec'24 SOFR +.090 at 95.975) helped projected rate cut pricing by December climb to 117.2bp.
  • Market speculation over lower yields also continued to underpin stocks as major indexes climbed to two week highs.
  • Steeper yield curves and projected rate cut gains into year end were underscored by a modest dip in this morning's UofM 1Y inflation expectations (2.7% vs. 2.8% est) and a rise in sentiment (69.0 vs. 68.5 est).

Keep reading...Show less