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Policy
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Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
G10 Markets
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Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
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Real-time insight of emerging markets in CEMEA, Asia and LatAm region
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Real-time insight of oil & gas markets
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MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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About Us
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Free AccessTraders are cautious on the 1pm ET.....>
US TSYS/TIPS: Traders are cautious on the 1pm ET US$12B 10Y TIPS reopening, but
it has cheapened up a bit this morning then some dip buying came in.
- SMRA's John Canavan: reopening "raises all new cash;" WI 10Y TIPS had "roll of
a little more than a bp" tho "always difficult to get a good handle on TIPS WIs.
The 10-yr breakeven rate climbed from 1.752% on Aug. 29 to 1.878% 2 days ago"
but "has fallen back" since FOMC "to 1.848% currently as the increased
likelihood of Fed rate hikes leaves" traders "less concerned about inflation"
wh/ may "work against" demand; "likely to be little mo-end need" based on
latest mo-end extension figures.
- BMO's Aaron Kohli: Auction "not strong value proposition" amid breakevens
runup; but sector flows strong: "about $2.2B in (TIPS) funds we track in Aug,
which shd provide some lift" for auction. He added inflation "bouncing somewhat
and oil has stabilized above $50" but breakeven move "mostly bakes this in."
- HISTORY: July original $13B 10Y TIPS auction: 0.375% coupon, weak 1.98
bid/cover, 0.489% high yield; also 52.5% indirects, 8.05% directs and 39.5%
dealers.
To read the full story
Sign up now for free trial access to this content.
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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.