MNI BRIEF: China Calls For Talk With EU On EV Tariffs - MOFA

MNI BRIEF: 10-Yr JGB Yield Rises to 1%; Highest Since May 2013

MNI BRIEF: BOJ April Real Export Index Rises 0.1% M/M

MNI BRIEF: China Lacking Meaningful Opening - Britcham

MNI: PBOC Conducts CNY2 Bln Via OMO Weds; Liquidity Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1077 Weds; -2.95% Y/Y

Increase In Participation Limits Unemployment Rate Reversal

UK services CPI 0.5ppt upside surprise

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

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Subdued Rally For Rates, US$ Reverses Early Bid

US TSYS SUMMARY

Despite the breadth of the move, the risk-off rally in rates was rather subdued Thursday, COVID-19 spread and concern over stricter quarantine measures supportive for rates though equities managed to break session range late to trade modestly higher.

  • Long end outperformed coming into the session with two-way flow from bank portfolios overnight, light fast$ and prop buying shorts to intermediates vs. bank and swap-tied selling. Decent deal-tied hedging.
  • Tsys maintained decent support all session, heavy volumes a little deceiving as Dec/Mar futures rolling picked up in earnest, TYZ/TYH over 320,000 by the bell.
  • Equities surged to new session highs late, apparently on the back of fiscal relief hopes after Senate Majority Leader Mitch McConnell "agreed to resume negotiations with Democrats over a potential new Covid-19 bill as cases continue to surge around the country, Senate Minority Leader Chuck Schumer said" CNBC.
  • The 2-Yr yield is down 0.4bps at 0.1693%, 5-Yr is down 1bps at 0.3857%, 10-Yr is down 1.6bps at 0.8537%, and 30-Yr is down 2.3bps at 1.5771%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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.