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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.
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Free AccessNarrow Ranges As FOMC About To Get Underway
Another overnight session, another fairly narrow trading range (4.5 ticks on TYZ0, <150k volume). A bit of weakness as equity futures have ascended to session highs (S&P eminis +0.6%) and the dollar retraces (DXY -0.2%) - largely on the back of good Chinese econ data overnight.
Dec 10-Yr futures (TY) down 3/32 at 139-15.5 (L: 139-14.5 / H: 139-19). Moderate bear steepening in the cash curve: 2-Yr yield is up 0.2bps at 0.139%, 5-Yr is up 0.3bps at 0.2675%, 10-Yr is up 1bps at 0.6821%, and 30-Yr is up 2bps at 1.4317%.
The 2-day FOMC meeting gets started this morning - we put out our preview yesterday (contact us if you haven't seen it).
Data today: 0830ET sees Sep Empire Manuf. and Aug Import Prices; 0915ET sees Aug Ind. Prod.
Though unlikely to be a major breakthrough in the fiscal stalemate, moderate Democrats and Republicans in the House "Problem Solvers Caucus" are set to announce a $1.5T COVID stimulus compromise at 1100ET.
In supply, at 1130ET we get $60B in 42-/119-day bills; 1300ET sees 20-Yr bond re-open for $22B. NY Fed buys ~$2.425B in 1-7.5Yr TIPS.
To read the full story
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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.