MNI BRIEF: PBOC To Curb Any Yuan Overshot : PBOC Zou

MNI: GERMANY OCT EXPORTS -2.8% M/M (VS FCST -2.6%)

MNI BRIEF: BOJ Tankan: Business Inflation Expectations Solid

MNI: PBOC Net Injects CNY14.2 Bln via OMO Friday

MNI: PBOC Sets Yuan Parity Higher At 7.1876 Fri; -1.22% Y/Y

MNI BOJ DEC TANKAN LARGE MFG INDEX +14; SEPT 13; MEDIAN +12

MNI: SPAIN NOV HICP +0% M/M, +2.4% Y/Y

MNI: FRANCE NOV HICP -0.1% M/M, +1.7% Y/Y

MNI: SWEDEN NOV UNEMPLOYMENT 7.4%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Recent Losses Across The Curve As FOMC Looms

US TSYS
  • Cash Tsys have seen a recent sell-off, with 2s still underperforming and extending session lows, or in yield terms +2.7bps as they probe 4.9%. The move appears to stem from cumulative flow rather than any particularly large blocks.
  • The long end remains more rangebound: TYU3 at 111-23+ is within session ranges albeit closer to yesterday’s low of 111-17+ and further support at 111-11 (61.8% retrace of Jul 7-18 rally). Volumes are unsurprisingly subdued ahead of the FOMC though, only just exceeding 700k.
  • FOMC-dated OIS implied rates have climbed through the session to more than reverse what had been small increases in cut pricing for 2024 and especially 2H24 meetings overnight.
  • Cumulative hikes from 5.08% effective: +25bp for the upcoming decision (+0.5bp), +30bp for Sep (+1bp), +36.5bp to 5.445% terminal in Nov (+1bp).
  • Cuts from Nov terminal: bp to Dec’23 (unch from yesterday), 56bp to Jun’24 (from 60bp).
BulletMarketsFixed Income BulletsHomepageFOMC Calendar Market News
BulletMarketsFixed Income BulletsHomepageFOMC Calendar Market News

To read the full story

Close

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.