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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 AccessOff Midday Lows, Curves Hold Steeper
- Treasury futures trading just off midday lows, curves maintaining steeper profiles with short end rates outperforming: 3m10Y +7.261 -113.328, 2Y10Y +4.652 at -67.252. Robust volumes for late summer trade: TYU3 over 1.3M already.
- Of note, 30Y yield climbed past late Dec 2022 high to 4.4219% in the first half -- last seen in late June 2011.
- Treasury futures traded lower after Philadelphia Fed Business Outlook comes out higher than expected at 12.0 vs. -10.0 est, prices paid 20.8 vs. 9.5 prior. Weekly claims largely in-line with expectations: -11k to 239k vs. 240k est while continuing claims climbs to 1.716M vs. 1.700M est.
- With data out of the way early (and no data Friday) Treasury futures managed to recover by midmorning, front month 10Y futures marking 109-20.5 high amid a combination of two-way position, option hedging and early cycle Sep/Dec quarterly futures rolling.
- Nascent support evaporated going into the European close, however, with rates marking session lows on similar moves in Gilts and Bunds.
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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.