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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 AccessOff Tuesday's Lows
T-Notes +0-02+ at 131-08+, operating around late NY levels, after the contract recovered from worst levels of the day on Tuesday.
- The curve twist flattened on Tuesday, cheapening out to 7-Years but richening further out, with 30s ~3.5bp dearer come the close, after the longer end unwound the early cheapening that was seen on Tuesday (with the early move lower attributed to the U.S. fiscal backdrop), aided by block buys in US and WN futures during NY hours.
- 10-Year Tsy yields failed to break above the previously flagged 50% retracement of the move from the '18 high to the '20 low (located at 1.7866%). The input from the fiscal impulse may have been met by the touted quarter end rebalancing out of equities and into bonds on Tuesday (and the US & WN block buys), preventing bears from really testing the aforementioned technical level.
- A multi-month high (and much stronger than expected) consumer confidence reading provided some light, albeit brief, downside pressure for the space during NY hours.
- Fedspeak from Williams, Quarles, Barkin, Bostic & Kaplan failed to move the needle.
- China's official PMIs provide the focal point during the Asia-Pac session, while broader focus is on Wednesday's infrastructure focused address from President Biden (with plenty of details/rumours leaking out in recent days).
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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.