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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.
US TSYS
- Cash Tsys currently trade with a modest bear flattening on the day as Treasuries continue to cheapen, helped by China considering unprecedented acceleration of infra funding which has supported risk. It follows yesterday’s pullback in US recession fears following the ISM services beat and the FOMC minutes noting officials saw a possibility of an “even more restrictive” stance, although both 2s5s and 2s10s remain inverted.
- Lagging a large sell-off in European sovereigns, 2YY +1.2bps at 3.014%, 5YY +2.0bps at 3.000%, 10YY +2.0bps at 2.948% and 30YY +2.3bps at 3.141%.
- TYU2 trades 11+ ticks lower at 118-22, the low end of the week’s range amidst broadly average volumes in a corrective pullback. Support is formed at the earlier intraday low of 118-15 and then the 20-day EMA of 117-27+, whilst resistance is eyed at yesterday’s high of 120-16+.
- Fedspeak: Governor Waller and ’22 voter Bullard to both speak at 1300ET at separate events – see STIR comment.
- Data: A quieter docket today with weekly jobless claims, the trade balance and challenger job cuts.
- Bill issuance: US Tsy $35B 4W, $30B 8W bill auctions (1130ET).
US Tsy curve inversion and periods of recessionSource: Bloomberg
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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