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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.
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Free AccessMNI BRIEF: China November PMI Rises Further Above 50
MNI US Macro Weekly: Politics To The Fore
Small Bull Flattening With Housing Data and 20Y Supply Eyed
- Cash Tsys have seen mixed trade overnight but in relatively narrow ranges, leaving a very small bull flattening after yesterday’s more significant bear flattening. There was little clear impact from Biden and McCarthy showing signs of optimism but remaining far apart on a debt deal, with telephone talks and future meetings still in the pipeline.
- The combination leaves 2s10s at -55bps off a low of -56.8bps for lows since May 3 barring initial volatility with May 10 CPI.
- 2YY +0.2bp at 4.084%, 5YY -0.3bp at 3.522%, 10YY -0.4bp at 3.530% and 30YY -0.6bp at 3.847%
- TYM3 trades just 1 tick higher at 114-30+ on subdued but in-line with recent average volumes of 220k. Having pieced the 50-day EMA, support is seen at 114-23 (May 16 low) followed by 114-01 (May 1 low) whilst resistance is eyed at 115-18+ (May 16 high).
- Data: MBA mortgage apps weekly (0700ET), Housing starts/building permits Apr plus historical revisions (0830ET)
- Fedspeak: Senate Banking hearing on Fed accountability (1430ET)
- Note/bond issuance: US Tsy $15B 20Y Bond auction (91282CGK1) – 1300ET
- Bill issuance: US Tsy $39B 17W bill auction – 1130ET
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.