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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 AccessTsy/Eurodlr Mkt Roundup, Short End Pricing in Hawkish Fed Policy
Hopefully we'll get more insight on "sooner, faster" asset reductions when the Fed comes out of media blackout Fri.
- Lead quarterly Eurodollar futures (EDH2) remained under pressure (-0.060 at 99.475) after latest 3M LIBOR set' surged +0.02143 to 0.29900% (+0.04129/wk) highest 3M level since May 2020.
- Done and dusted: 25bp hike fully priced into Mar (some dealers starting to estimate 50bp hike in March) while Jun is more than halfway to pricing in 50bp as a result of Wed's hawkish hold from the FOMC.
- Active accts continued to add to downside/rate hike positioning: late block cross as one example: +10,000 Red Mar'23 96.75p 5.0 w/ Red Sep 96.75/97.75 put strip 50.5 cvrd. On the flipside, some significant unwinds reported even before the NY open: -60,000 short Mar 98.25 puts, 8.5-7.5.
- Tsy yld curves flattened (5s30s 42.78) while 7s10s see-sawed around 2.196 (-.843), little reaction to a small stop for $53B 7Y note auction (91282CDW8): 1.769% high yield vs. 1.770% WI; 2.36x bid-to-cover vs. 2.21x last month.
- Friday data focus on personal income/spending, ECI and U-Mich sentiment.
- The 2-Yr yield is up 3.4bps at 1.1842%, 5-Yr is down 2.5bps at 1.6599%, 10-Yr is down 5.4bps at 1.8101%, and 30-Yr is down 7.1bps at 2.0936%.
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.