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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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- Pricing for a Fed stepdown to 50bp clips in Dec may have largely reversed a move lower after sharper declines in house prices (despite further misses for manufacturing activity and consumer confidence), but the terminal is cut to 4.90% in May’23 (-5bp) and 4.54% for Dec’23 (-8.5bp).
- This lower rate path has weighed on 10Y real yields, which despite rising off session lows to 1.55% are still down -10bps, set for the largest daily decline since Oct 3.
- The decline in real yields would have been larger but the breakeven has also fallen -5bps to held it broadly stabilise this week after a string of increases have pushed it above 2.5% from circa 2.15% at the turn of the month.
10Y real yield (green), DXY (pink) and 10Y breakeven (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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