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Free AccessTeeing Up A Pre-NFP Asia Session
T-Notes operating a touch above Thursday's lows, last -0-01 at 134-15.
- T-Notes went out at worst levels of the day on Thursday. The major cash Tsy benchmarks cheapened by ~2.0-5.0bp come the bell, with 5s leading the sell off.
- WN (+2,065) and FV (+11,500) futures blocks helped stall the sell off around the middle of the U.S. session, before T-Notes trickled back to lows into the bell.
- Fed Governor Waller pointed to a very high jobs print on Friday, reiterating his optimistic outlook re: the U.S. economy alongside upside risks to inflation.
- Later in the session Minneapolis Fed President Kashkari (Dove, '23 voter) once again touched on headwinds that the Delta COVID variant could pose for the labour market.
- In an interesting development Dem. Senator Manchin wrote a letter to Fed Chair Powell noting that "with the recession over and our strong economic recovery well underway, I am increasingly alarmed that the Fed continues to inject record amounts of stimulus into our economy." Worries surrounding inflation seemed to be at the core of his though process.
- Widening in long-end swap spreads was witnessed as the US$ corporate supply slate built, headlined by multi-tranche offerings from Amgen & Westlake.
- An address from RBA Governor Lowe and the release of the Bank's SoMP will headline the broader slate during Asia-Pac hours. The monthly NFP print headlines the NY docket on Friday, and may result in limited price action/volume in Asia, unless we see some tier 1 macro headline flow.
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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.