NORGES: RATES PROBABLY AT CURRENT LEVEL QUITE SOME TIME

RATES MAY NEED TO BE ON HOLD LONGER THAN ENVISIONED: NORGES

MNI: NORGES BANK LEAVES RATES UNCHANGED AT 4.50%

MNI WATCH: CNB Seen Cutting 50Bps to 5.25%, Signal Slower Pace

MNI China Daily Summary: Tuesday, April 30

MNI BRIEF: China To Keep Tackling Risks In Real Estate, Debts

MNI: BAKER HUGHES US RIG COUNT 605; OIL RIGS 499; GAS RIGS 102

BoE Data Watch

RBA Data Watch

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

PCE Data Less Hawkish in Light of Thu's Q1 Beat, Supercore Tempers Bid

US TSYS
BulletMarketsFixed Income BulletsHomepage
  • Treasuries looked to finish mostly higher Friday, curves flatter with the short end mildly weaker (2s10s -3.478 at -33.043). Intermediates trade near the middle of this morning's wide post-data range, Jun'24 10Y +6.5 at 107-18 (107-09L/107-27.5H).
  • Treasury futures trade higher after the latest PCE data comes out in-line to slightly higher -- deemed less hawkish in light of Thursday's Q1 beat:
    • PCE Deflator MoM (0.3% vs. 0.3%), YoY (2.7% vs. 2.6% est, 2.5% prior)
    • PCE Core Deflator MoM (0.3% vs. 0.3% est), YoY (2.8% vs. 2.7% est, 2.8% prior).
    • Treasuries support receded after a very strong Supercore: 0.39% M/M in Mar after 0.19 (initial 0.18) in Feb and 0.75 (initial 0.66) in Jan).
    • Meanwhile, Personal Income (0.5% vs. 0.5% est, 0.3% prior), Personal Spending (0.8% vs. 0.6% est, 0.8% prior), Real Personal Spending (0.5% vs. 0.3% est, 0.4% prior).
    • Treasury futures held gains after the latest University of Michigan data: Sentiment (77.2 vs. 77.9 est), Current Conditions (79.0 vs. 79.3 prior), 1 Yr Inflation (3.2% vs. 3.1% prior), 5-10 Yr Inflation unchanged at 3.0% vs. 3.0% est.
    • Focus turns to next week's FOMC policy annc on Wednesday, followed by the latest employment data next Friday.
190 words

To read the full story

Close

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.
  • Treasuries looked to finish mostly higher Friday, curves flatter with the short end mildly weaker (2s10s -3.478 at -33.043). Intermediates trade near the middle of this morning's wide post-data range, Jun'24 10Y +6.5 at 107-18 (107-09L/107-27.5H).
  • Treasury futures trade higher after the latest PCE data comes out in-line to slightly higher -- deemed less hawkish in light of Thursday's Q1 beat:
    • PCE Deflator MoM (0.3% vs. 0.3%), YoY (2.7% vs. 2.6% est, 2.5% prior)
    • PCE Core Deflator MoM (0.3% vs. 0.3% est), YoY (2.8% vs. 2.7% est, 2.8% prior).
    • Treasuries support receded after a very strong Supercore: 0.39% M/M in Mar after 0.19 (initial 0.18) in Feb and 0.75 (initial 0.66) in Jan).
    • Meanwhile, Personal Income (0.5% vs. 0.5% est, 0.3% prior), Personal Spending (0.8% vs. 0.6% est, 0.8% prior), Real Personal Spending (0.5% vs. 0.3% est, 0.4% prior).
    • Treasury futures held gains after the latest University of Michigan data: Sentiment (77.2 vs. 77.9 est), Current Conditions (79.0 vs. 79.3 prior), 1 Yr Inflation (3.2% vs. 3.1% prior), 5-10 Yr Inflation unchanged at 3.0% vs. 3.0% est.
    • Focus turns to next week's FOMC policy annc on Wednesday, followed by the latest employment data next Friday.