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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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Free AccessTreasuries See-Saw Off Lows, In-Line PPI Twist Steepens Curve
- Treasury futures are looking to finish mixed Thursday, late support following large 2Y and 5Y Block buys evaporating, though curves hold steeper (2s10s +4.736 at -38.427).
- Volatile morning as Treasury futures drew fast two-way trade after ECB steady rate announcement and largely in-line US Producer Price data brought some relief to global core FI market after Wednesday's hot CPI figure: PPI inflation misses at 0.15% M/M (0.3) in March but core measures in line.
- Initial claims were lower than expected at a seasonally adjusted 211k (cons 215k) in the week to Apr 6 after a marginally upward revised 222k (initial 221k).
- Treasuries dipped briefly after $22B 30Y auction (912810TX6) re-open tailed for the first time in 5 auctions (5.2bp tail in Nov'23): 4.671% high yield vs. 4.662% WI; 2.37x bid-to-cover vs. 2.47x in the prior month.
- Indirect take-up falls to 64.38% (lowest since Nov'23) vs. 69.29% prior; direct bidder take-up climbs to 18.28% vs. 16.77% prior; primary dealer take-up 17.34% (highest since Nov) vs. 13.93%.
- Projected rate cut pricing gained slightly vs. late Wednesday levels: May 2024 at -2.6% w/ cumulative -.6bp at 5.322%; June 2024 at -22.6bs vs. -16.2% earlier (-55.1% pre-CPI) w/ cumulative rate cut -6.3bp at 5.226%. July'24 cumulative at -14.1bp, Sep'24 cumulative -25bp.
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.