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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 AccessPressured, Empire Manufacturing Highest Since July 2022.
TYM3 deals at 114-10, -0-01+, in line with late NY levels.
- Cash tsys finished 7-10bps cheaper on Monday, the curve bear flattened.
- Tsys were pressured after a stronger than expected Empire Manufacturing print. The measure maintains its recent volatile history, with a standard deviation of 20 points since 2021. Monday's print leaves the index at its highest level since July 2022.
- Pressure extended as TYM3 broke 114-14 the 50-Day EMA. A break of 114-07 opens 113-23 a Fibonacci retracement.
- Richmond Fed President Barkin reiterated comments seen in previous communique that he wants more evidence of US inflation easing back to the bank's 2% target.
- There were no signs of progress on the US Debt Ceiling, Speaker McCarthy has yet to present a budget or formal list of Republican priorities which the White House have stated is a condition of negotiations.
- In Asia today we have RBA minutes of the April Policy Meeting and Chinese GDP. Further out US House Starts will cross as will Fedspeak from Governor Bowman.
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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.