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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
- Treasuries have pared gains seen during Powell’s Q&A but hold richer both since the initial decision and on the day.
- 2Y yields lead declines on the day with -8.3bps (4.95%), with the curve switching from flattening pre-FOMC to steeper with 2s10s at -32.4bps rising more than 4bps since the decision.
- TYM4 at 107-29 sits ~8 ticks higher since the announcement although is off an earlier high of 108-06+ seen in a continuation after Powell said it was unlikely the next move would be a hike.
- It pushed through yesterday's high for above pre-ECI levels but stopped short of resistance at 108-11 (20-day EMA).
- Fed Funds implied rates sit 6.5bps lower for end-2024 since the decision. Pertinent cumulative cuts: 16bp Sep (from 13bp), 23bp Nov (from 19bp) and 35bp Dec (from 28.5bp).
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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