CANADA MAY CPI +2.9% YOY VS FORECAST +2.6%, PRIOR 2.7%

MNI: Bowman Warns Of Fed Divergence With Other Central Banks

MNI BRIEF: China To Empower AI For Economic Growth - Li Qiang

MNI China Daily Summary: Tuesday, June 25

US Treasury Auction Calendar

EZ/UK Bond Supply Calendar: Lithuania Synd; UK Auction Wednesday

MNI: US CONF BOARD CONSUMER CONFIDENCE 100.4 IN JUN V MAY 101.3

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

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

Solid October Jobs Gains/Up Revisions, Tsys Rally Anyway

US TSYS
Not exactly the result one would expect after solid job gains and up-revisions to prior reads: Treasury futures marched higher all day after initially trading modestly weaker on Oct NFP: +531k job gains vs. +450k est, Sep up-revision to +312k and unemployment rate drop to 4.6% vs. 4.7% est.
  • Tsys drew some sporadic buying/short covering after initial surge in selling across the curve. Futures marched higher with 30YY tapping 1.8708% low -- last seen Sep 23. Yield curves bull flattened for a period before bull flattening as the session progressed, 5s30s tapped 80.566L before bouncing to 82.671 after the bell.
  • Fading the rally, sources report real$ acct selling in 10s, 20s and 30s late morning, rate receivers/payer unwinds in 2s-10s. Trading desks also partially tied rally to re-positioning in aftermath of Thu's FOMC (accelerated taper schedule) and Boe (hawkish hold) while gilts continued to outperform.
  • Equities made new all-time highs (ESZ1 4711.75) while oil surged (WTI +2.75 to 81.56), Bbg story reports: "Saudi Aramco Raises Oil Prices Sharply After OPEC+ Defies Biden" call to increase output.
  • Data look ahead: PPI and CPI on next week's shortened Veterans Day holiday (Nov 11), Treasury coupon supply (3s, 10s and 30s on reduced size) and Fed speakers coming off the sidelines.
  • After the bell, 2-Yr yield is down 2.6bps at 0.3988%, 5-Yr is down 6bps at 1.0507%, 10-Yr is down 7.7bps at 1.4496%, and 30-Yr is down 7.9bps at 1.8837%.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

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.