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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.
US TSYS
- There has been continued two-way trade in Tsys, with overnight losses pared into the US session before another step lower which has also ben pared somewhat.
- In the process it’s seen fresh cycle highs including the 2Y at 5.2571% before rallying nearly 2bp.
- Fed rate cut expectations continue to be reduced, currently down to 63bps from a terminal effective rate of 5.47% in January to end-2024.
- 2s10s at -28bps are off earlier session highs of -26.3bps but still +3bps on the day.
- 10YY currently +4bps at 4.956% having neared 5% with an earlier high 4.9813%. It’s again led by real yields (+3.5ps) but with another increase in breakevens (+0.7bp) that is starting to add up now at 2.445% at the high end of ranges seen over the past year.
10Y breakeven (white) and real yields (yellow)Source: Bloomberg
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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