CORRECTED-MNI: Fed's Hammack-Near Or At Time To Slow Rate Cuts

MNI BRIEF: Fed's Goolsbee Sees Rates Fair Bit Lower In A Year

CANADA JOBLESS RATE +6.8% VS FORECAST +6.6%, PRIOR +6.5%

MNI China Daily Summary: Friday, December 6

MNI: PBOC Net Drains CNY288.1 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Lower At 7.1848 Fri; -1.64% Y/Y

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT PRELIMINARY DEC INDEX 74.0

CANADA NOV IVEY PURCHASING MANAGERS INDEX 52.3 SA

EZ/UK Bond Supply Calendar: Austria, UK Auction on Tuesday

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Rates Off Lows, Fed in Blackout, Earning Cycle Accelerates

US TSYS
  • Mildly weaker after the bell, Treasury futures are see-sawing near the top end of the session range, curves steeper with the short end outperforming. Rebound partially tied to Middle East risk not gaining.
  • Currently, Jun'24 10Y futures are trading 107-28 (-1), well below initial technical resistance of 108-22.5 (High Apr 19). The 2s10s curve is currently +1.479 at -35.458.
  • No data or Fed speakers on the week open, the latter in Blackout through May 2.
  • Corporate issuance rather muted as the latest earnings cycle gathers steam, though American Express issued $3.5B debt over 4 tranches that generated some rate lock hedging in the short end.
  • Corporate earnings: Verizon and Albertsons announced ahead of the open, Nucor, Alexandria Real Estate, Globe Life after the close. Expected Tuesday: Pepsico, UPS, GM, Halliburton, Philip Morris, Pulte, Freeport McMoRan, Lockheed Martin, JetBlue, GE, Kimberly-Clark, Sherwin-Williams, Baker Hughes, Tesla, Texas Instruments, Visa, Enphase, Seagate.
  • Projected rate cut pricing running steady to mildly lower vs. late Friday lvls: May 2024 -2.6% w/ cumulative -0.6bp at 5.322%; June 2024 at -16.2% w/ cumulative rate cut -4.7bp at 5.282%. July'24 cumulative at 11.6bp, Sep'24 cumulative -22.3bp.
  • Look ahead: economic data picks up Tuesday with regional manufacturing data from Philly and Richmond Fed, S&P PMIs and New Home Sales.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

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.