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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
- The day’s rally in nominal Treasury yields (10Y -5bps) is carried fully in real yields (-6bps) with breakevens firming modestly (+1bp).
- Potential macro drivers for the day’s move in the breakeven were mixed, with the PMI showing an acceleration in prices paid but selling prices with the joint-slowest increase since Oct’20.
- The 10Y breakeven has twice struggled to push down to 2.1% in the past two months but is still relatively low compared to the past two years at 2.27%.
- Further material downward developments here are likely to require signs of continued supply chain improvements, with the NY Fed’s GSCPI significantly off prior highs but still showing disruption at more than 1 standard deviation from average.
10Y breakeven (white) and real yield (yellow)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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