Trial now

Directional Triggers Defined


5 Stable Ratings Up For Review


TurkGBs Shine, Bull Flattening -40bp W/W


(N1) Heading North

US TSYS: The space feels the impact of emergency action from the Fed, which
brought borrowing costs to near zero with a single 100bp cut, pledged to
significantly boost its asset holdings, and announced several other steps (see
earlier bullets). U.S. Pres Trump immediately welcomed the Fed's move via
Twitter. Meanwhile, during his presser on the decisions taken by the FOMC, Chair
Powell called for increased fiscal policy response, which he deemed "critical."
- Fed Chair Powell noted that "today's FOMC meeting today was in lieu of the
meeting scheduled for next Tuesday and Wednesday."
- Worth reminding that the Fed, BoJ, ECB, BoE, BoC & SNB agreed to coordinate to
ensure USD liquidity via swap lines.
- U.S. CDC has advised calling off all gatherings of 50 or more people, other
than regular operations (e.g. schools or businesses), for the next eight weeks.
- T-Notes trade +2-15 at 138-24 as we type. Yields last seen 21.5-33.0bp lower
in cash trade, with the belly of the curve outperforming. Eurodollars sit
7.0-16.75 ticks higher through the reds.
MNI London Bureau | +44 203-865-3806 |