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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
- Real yields have rightly been getting plenty of attention recently, with the 5Y real yield currently +16bp on the day and +23bp week to date at 2.22%.
- It’s just pulled back from poking above 2.25% for fresh highs since 2008.
- Inflation breakevens remain particularly well behaved at 2.22%, broadly flatlining in recent months and close to recent lows not much below 2.10%, as the Fed’s hawkish dot plot allows this latest market sell-off to borne by real rate channels.
- The acceleration in the trend increase in real yields has been supporting the USD index but to less extent than at the height of the Fed’s hiking cycle when it was moving in 75bp clips in 2022.
- Chart shows 5Y real yields (green), nominal yields (white), breakevens (yellow) and DXY (pink).
Source: Bloomberg
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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