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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 AccessOn Friday, BofAML wrote "even though...>
AUSSIE BONDS: On Friday, BofAML wrote "even though there is a growing conflict
between the RBA and market pricing on the expected policy path, the backdrop for
longer-term inflation and receiving real rates should still improve. Long-end
breakevens remains undervalued and benefits from a steep real curve. We see a
case where the breakevens curve moves steeper prior to any moves higher and
flatter. If we believe in RBA confidence that inflation eventually returns to
2.50% (midpoint of the target band) then 10y nominals (2.05%) and/or 10y linkers
(0.55%) is mispriced In an environment of easier RBA policy combined with a
stabilisation of the global economy then the widening of long-end breakevens
should be led more evenly by both nominals and real rates. Strikingly,
breakevens reflected in swaps and bonds are near or at record lows. So perhaps
the market is questioning the transmission of rate cuts and believes that wages
growth will remain stubbornly low over a 10-year period. The alternate view is
that 10y rates are simply mispriced and we think the stage has been set for
long-end linkers to outperform nominals."
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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.