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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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Free AccessRisk Appetite Improved Following Strong April Employment Data
- Treasury futures marked session lows after stronger than expected April jobs gain of +253k vs. +185k est: TYM3 hit 115-13.5 low, 10Y yield initially hit 3.4521% high before tapping 3.4635% around noon - is currently at 3.4351% +.0564.
- April's headline household survey stats included the labor force contracting by a modest 43k (of 166.7M), with the participation rate unchanged at 62.6% (including - as we noted earlier - a fresh post-2008 high for prime-age participation). A strong if slightly odd breakdown in the unemployment rate figure though, which was down 0.1pp to 3.4%.
- Treasury futures quickly recovered to near mid-range, trading sideways for the rest of the session. Risk appetite improved as stocks, lead by regional banks (PacWest rallied over 80% this morning!), rallied (SPX eminis +78.25 at 4154.0).
- Fed Funds implied rates are holding close to earlier highs post-payrolls with Bullard supporting them. Now showing zero cuts for the June FOMC (+3.5bp on the day), 10bp of cuts to 4.98% July (+7bp), 26bp of cuts to 4.82% Sep (+11bp) and building to a cumulative 75bp of cuts to 4.33% Dec (+15bp), with the latter from 85bps pre-payrolls.
- Slow start to next week, focus is on CPI read for April on Wednesday, while President Biden and House speaker McCarthy are expected to discuss the debt limit on Tuesday.
To read the full story
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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.