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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
- A beat in Eurozone CPI inflation (partly implied by the earlier French release) gave Treasuries a reason to continue the sell-off from the previous two days.
- The curve flattens modestly as front-end yields rise faster in response to lifted Fed hike expectations, back at levels seen only fleetingly before Mester (’22 voter) poured cold water on talk of 75bp hikes.
- 2YY +6.3bps at 2.680%, 5YY +5.6bps at 2.895%, 10YY +4.3bps at 2.866% and 30YY +3.3bps at 2.926%.
- TYM2 sits 2+ ticks lower at 119-08+ having pulled off Wednesday’s high of 120-18+ but on low volumes throughout the European morning. The trend outlook remains bearish as it next eyes the bear trigger of 118-08 (Apr 22 low).
- Data: The Employment Cost Index for Q1 plus PCE deflator and incomes/spending for March all hit at 0830ET, followed by the MNI Chicago PMI for April at 0945ET and then the finalised U.Mich consumer survey for April at 1000ET.
- Consensus has another strong print for the ECI (+1.1% Q/Q after +1.0% in Q4) although the core PCE for March could see some downward revisions.
UST 2Y and 10Y yields plus 2s10s (charting mid price)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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