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Free AccessTight After Light Steepening
T-Notes sit -0-01+ at 137-26 after correcting from best levels during NY trade on Thursday, closing closer to session lows, as the contract continues to operate in familiar territory.
- The cash Tsy curve steepened a little on Thursday, with 30s cheapening by 2.5bp on the day, although there was little in the way of overt headline catalysts to drive the move, as participants pointed to continued focus re: U.S. fiscal developments and Brexit matters (despite some posturing from top level officials re: the latter), while the S&P 500 registered another fresh all-time high. Local data was mixed, with weekly jobless claims and the latest Philly Fed survey disappointing, while the latest housing starts and building permits prints topped exp.
- On the fiscal front, a recent tweet from Senate Majority Leader McConnell noted that "Productive conversations remain underway on COVID-19 relief. But Congress must not slide into treating these talks like routine negotiations at our routine pace. This could not be more urgent. The Senate's going to keep working right through the weekend until we get an outcome."
- There is little in the way of tier 1 headline risk slated for Asia-Pac hours.
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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.