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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 reversal in Tsy yields on the day per the earlier bullet has come about with a marked increase in real yields as inflation breakevens slide lower.
- 5Y nominal yields sit 14bps higher on the day but at 2.78% are still some 4bps lower than prior to last week’s Q2 GDP miss and its sluggish internals, driven by a 18.5bp surge in real yields back into positive territory at +8bp after turning negative with that GDP report.
- The drive in real yields started prior to the US open but has continued ever since, seemingly bolstered by a safe landing for Pelosi plus potentially SF Fed's Daly ('24 voter) on work being far from done after
- The 5Y breakeven has fallen 4.5bps on the day to 2.71%, still 12bps higher than before the Jul FOMC and 21bps above early July lows (with that 2.5% also close to pre-taper levels), but considerably below the post-Ukraine war average of 3.09% and very close to the 2H21 average.
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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