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Policy
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Global Macro
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Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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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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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI ASIA MARKETS OPEN: Tsy Curves Reverse Course Ahead Wed CPI
MNI ASIA MARKETS ANALYSIS:Waiting For Next Inflation Shoe Drop
Key Inter-Meeting Fed Speak – Dec 2024
US TREASURY AUCTION CALENDAR: Avg 3Y Sale
NZGBS: Richen After New Supply Syndication
NZGBs reverse morning underperformance versus $-Bloc peers after pressure surrounding the issue of the new NZGB May-30 via syndication passed (NZ$4bn vs. the range of NZ$3-5bn, likely limited by a want to avoid the cheap extreme of the initial pricing range).
- After cheapening as much as 6-7bp pre-issuance, NZGBs closed flat to 2bp cheaper with the NZ/US and NZ/AU 10-year differentials 3bp and 1bp tighter, respectively (pre-RBA decision).
- Swaps closed 4-5bp cheaper with the 2s10s curve unchanged.
- RBNZ dated OIS were +2-6bp firmer across meetings with Nov-23 and Feb-24 leading. April meeting pricing remained around 40bp of tightening with terminal OCR pricing back at the RBNZ’s projected peak of 5.50%.
- YtD NZ deficit readings were marginally deeper than expected, while Finance Minister Robertson noted the impending headwinds on the fiscal front re: the cyclone rebuild, but stressed that government finances are well placed to deal with both that and the cost of living pressures households are facing.
- With the local data calendar light until February’s card spending data (Thu), the market will be fixed on the raft of central bank events over the coming days, starting with this evening's speech on monetary policy by RBNZ Governor Orr at a private event in London and Fed Chair Powell’s semi-annual testimony to Congress.
- A reminder that the delayed impulse from the RBA decision will be felt tomorrow morning, hwen NZGBs re-open.
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.