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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.
DATA REACT
- Another weak regional Fed reading (following Empire State earlier this week), with May's Philly Manufacturing Business index at the lowest level since May 2020, down from 17.6 prior and vs 15.0 expected.
- Of note: new orders up, but employment and price indices down; "muted optimism for growth over the next six months" with the 6-month outlook the lowest since Dec-2008.
- The softer growth outlook weighs on price components, with expectations of both prices paid and received 6-months ahead following Monday's Empire survey as they pull back, more so prices paid, and edge below the 12mma.
- Having rallied aggressively into it, front end Treasuries are relatively little changed since the release, adding -1.5bps for a -7.5bps move lower in yields on the day, and with the rally extending across the curve.
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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