FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Treasuries Surge On European Banking Fears

US TSYS
  • Cash Tsys surge, led by the front end for a sizeable bull steepening, on spillover from European banks coming under increasing pressure since the open. It sees this week’s decision to hike 25bp to 4.75-5% increasingly viewed as the peak for the cycle with cut expectations mounting. Upcoming data likely take a second seat with market reaction skewed more keenly to downside surprises.
  • Off extremes but still see 2YY -22.1bp at 3.612%, 5YY -17.1bp at 3.268%, 10YY -13.0bp at 3.295% and 30YY -9.1bp at 3.607%. 2s10s sit at -30bps having briefly marked their steepest levels since Oct’22 with -28.5bps.
  • TYM3 trades 27+ ticks higher at 116-27 off a high of 117-01+. It opens 117-14+ (high Aug 29/30, 2022) having cleared key resistance at 116-28+ (Jan 19 high) and briefly 117-00 (61.8% retrace of Aug-Oct 22 bear leg (cont)). Cumulative volumes have accelerated to 515k for the day in a sizeable uptick since the European open after a subdued Asian session.
  • Fedspeak: Bullard (non-voter) set to give the first post-FOMC remarks at 0930ET
  • Data: Focus on Durable goods Feb prelim (0830ET) and S&P Mfg & Service PMI Mar prelim (0945ET), but also see wholesale inventories revisions plus the KC Fed service activity index.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.