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Free AccessReal Yields Fall Back Near Pre-Bullard Levels
- 10Y real yields are down a further 8bps today in a continuation of yesterday’s decline, largely unwinding last week’s climb after Bullard noted Taylor rules indicating a policy rate in the region of 5-7% with himself seeing a minimum 5-5.25%.
- At 1.41%, real yields move closer to recent lows of 1.35% in days after the US CPI miss was seen cementing a stepdown to the 50bp hike in the Dec meeting, with the recent decline offering a tailwind for risk assets.
- It remains to be seen if real yields fall much further ahead with the FOMC minutes tomorrow. In line with recent Fedspeak, we expect some pushback against the notion that a step-down to 50bp is a prelude to a pause, let alone a pivot whilst there is likely some pushback on market pricing for cuts next year.
10Y real yields (white) and S&P E-minis (yellow)Source: Bloomberg
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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.