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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
- Growth concerns are particularly evident in real yields today, with 10Y real yields sliding 15bps to +51bps although still some 25bps higher than prior to the US CPI surprise on Jun 10 that helped push the FOMC to a 75bp hike.
- With nominal yields sliding 12bps, the inflation breakeven has nudged 3bps higher but this counts as a stabilisation after sliding over the past month to pre-taper levels at 2.38%.
- Focus will be on upcoming mfg surveys, with the final US PMI (Eurozone largely unrevised this morning) and then more importantly ISM at 1000ET. Regional Fed surveys and yesterday’s miss in the MNI Chicago PMI both implying downside risk to ISM consensus for a fall from 56.1 to 54.5.
US 10y real yields (green), nominal yields (white) and breakeven (yellow), plus 5Y inflation swap (pink). 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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