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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.
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- Of the 9bp increase in nominal 10Y yields since Brainard spoke (for +16bp on the day), real yields accounted for 8bps to currently sit at -30bps, the highest since March 2020.
- The acceleration in bear steepening came as Brainard expects the balance sheet to shrink considerably more rapidly than in the previous recovery, with significantly larger caps and a much shorter period to phase in the maximum caps compared with 2017–10 - coming ahead of tomorrow's FOMC minutes.
- The 10Y breakeven had increased prior to Brainard and sits 5bps higher on the day at 2.85% but has still pulled back from 3% last month.
- Daly (2024 voter) speaks next at 1230ET. She said over the weekend that the case for a 50bp hike in May has grown, having been undecided between 25 or 50bp whilst waiting for data on Mar 23.
10Y nominal yield (yellow), 10Y breakeven (white) and 10Y real yield (green)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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