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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 acceleration of the day’s rally in Treasuries since the US came in has been heavily carried out in real terms which could help limit risk-off sentiment.
- With those growth fears at the forefront, moves have been led by the belly with 5Y nominal yields -8bps since Friday’s close as real yields slide -7.5bps to +17bps.
- Putting the size of recent moves into perspective, 5Y real yields have fallen 35bps since last week but still remain some 20bps higher than pre-US CPI levels from Jun 10, when the large upside surprise helped spark the Fed hiking 75bps.
- The 5Y breakeven has accordingly dipped -0.5bps to 2.63%, off last week’s post-ISM lows of 2.52% but back at pre-taper levels.
US 5y nominal yield (white), real yield (green) and 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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