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MNI Credit Weekly: The First Cut is the Deepest

AnalysisCredit AnalysisCreditStory

MNI (LONDON) - Executive Summary: The First Cut is the Deepest

  • A strong week for credit with the index almost 5bp tighter. Cyclicals lagged however, with concerns on Autos ongoing, while defensive sectors are better positioned at this point in the cycle.
  • The FOMC was the big show in town, with the hotly debated 50bp cut coming to pass as called by MNI. The communique was a little hawkish however, taking Treasury steepeners to new YTD wides.
  • Despite major central meetings primary was in-line with last week. Surveyed expectations for the week ahead are unsurprisingly higher with supportive central bank meetings behind us.
  • All flavours of credit continue to see inflows, at a firm pace.

Full piece here: 24.09.20 MNI Credit Weekly.pdf

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MNI (LONDON) - Executive Summary: The First Cut is the Deepest

  • A strong week for credit with the index almost 5bp tighter. Cyclicals lagged however, with concerns on Autos ongoing, while defensive sectors are better positioned at this point in the cycle.
  • The FOMC was the big show in town, with the hotly debated 50bp cut coming to pass as called by MNI. The communique was a little hawkish however, taking Treasury steepeners to new YTD wides.
  • Despite major central meetings primary was in-line with last week. Surveyed expectations for the week ahead are unsurprisingly higher with supportive central bank meetings behind us.
  • All flavours of credit continue to see inflows, at a firm pace.

Full piece here: 24.09.20 MNI Credit Weekly.pdf