Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
Reporting on key macro data at the time of release.
Real-time insight on key fixed income and fx markets.
- Emerging MarketsEmerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
- Political RiskPolitical Risk
Intelligence on key political and geopolitical events around the world.
- About Us
US TSY FLOWS: Safe havens surged Friday as efforts to combat the spread of the
COVID-19 virus forced shutdowns and layoffs. NY state Gov Cuomo issued shelter
in place mandate, followed a few hours later by Illinois state Gov Pritzker
doing the same. Gold +27.4 late, SPs -100.0.
- Long end rates lead the surge, 10YY fell to 0.8390%, 30YY to 1.4145% in late
trade, both still off March 9 all-time lows of 0.5407% and 0.9953% respectively.
- Coordinated funding effort: FED, BOC, BOE, BOJ, ECB and SNB anncd a shift
from weekly to daily US$ swap lines early in the session. Later in the session,
the NY Fed anncd it will offer $1T in daily repo ops through the end of March.
Whether the Fed will buy other securities, including corporate bonds & longer
term munis remains to be seen.
- Despite the mkt vol that has kept issuers at bay, corp debt issuance finished
strong for wk ($63B total), with Intel and Coca-Cola issuing combined $13B
- The 2-Yr yield is down 13.7bps at 0.3134%, 5-Yr is down 22.9bps at 0.4585%,
10-Yr is down 29.5bps at 0.8454%, and 30-Yr is down 36.8bps at 1.4169%.