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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI Credit Weekly: Le Vendredi Noir
MNI: Canada Apr-Sept Budget Deficit Widens On Spending
Treasuries Cheapen Ahead Of A Light Docket
- Cash Tsys have steadily cheapened through both Asian and European sessions but outperform core Europe where yields have increased to new cycle highs ahead of tomorrow’s ECB rate decision.
- Today’s milder bear steepening comes after yesterday’s sizeable bull flattening (partly on growth fears, as evidenced by the Atlanta Fed GDP tracker falling below 1% annualized in Q2). This sees front end yields back near recent highs whilst the rest of the major benchmark tenors are off highs but sit above 3% across the curve.
- 2YY +2.3bps at 2.749%, 5YY +3.3bps at 3.018%, 10YY +4.2bps at 3.016%, 30YY +3.8bps at 3.161%.
- TYU2 trade 10 ticks lower at 118-03+ but well within ranges of the past two days, with average volumes. Yesterday’s low of 117-22+ forms initial support after which it could ultimately open a bear trigger at 116-21 (May 9 low).
- Bond issuance: US Tsy $33B 10Y note CMB auction (91282CEP2) – 1300ET
- Bill issuance: US Tsy $30B 119D bill auction – 1130ET
- Data limited to weekly MBA mortgage applications plus wholesale finalised inventories and sales for April.
To read the full story
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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.