DALY SEES 'NO URGENCY TO ADJUST THE POLICY RATE'

MNI BRIEF: Fed’s Collins Sees Rate Cuts Later Than Had Thought

MNI BRIEF: China March M2 Slows More Than Expected

MNI BRIEF: China Tightens Stock Market Supervision

MNI BRIEF: China Mar Exports Jump On Demand; Imports Improve

MNI: PBOC Sets Yuan Parity Lower At 7.0967 Fri; -4.87% Y/Y

MNI: BAKER HUGHES US RIG COUNT 617; OIL RIGS 506; GAS RIGS 109

March Home Sales Jumped At End Of Month

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

MNI BRIEF: Lawmakers Signal Tough Hearing For BOC's Macklem

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Repost: Tsy Yields Climb Ahead Fed Chair Powell Testimony Wed

US TSYS

US Tsy yields see-saw higher upon return from Juneteenth holiday Tuesday, but scaled back moves well after the close: 30YY off morning high of 3.3922% at 3.3496% (+.0701) w/ futures off late session lows (Block 5Y buy +7,603 FVU2 at 110-12.25 helped get the ball rolling).

  • Wide range for steeper yield curves, still well off pre-FOMC levels: 2s10s +4.775 at 8.641 vs. 11.154 high, 5s10s still inverted at -8.448 (3.525) but well off early low (-12.223).
  • Limited impact from data: Existing Home Sales for May in-line: -3.4% TO 5.41M SAAR; Chicago Fed National Activity Index 0.01 vs. 0.47 expected, 0.4 prior. Attention turns to Richmond Fed Barkin as he takes part in virtual moderated Q&A session w/ NABE at the top of the hour: "need to raise rates fast .. without breaking anything".
  • "I understand why some are forecasting a recession," he said in remarks prepared for a meeting of the Risk Management Association in Richmond, Va. "But the challenge in predicting a recession for tomorrow is the strength of the aggregate data today."
  • Focus on Fed Chair Powell semi-annual Senate panel testimony early Wednesday (0930ET) followed by Barkin again, Chicago Fed Evans and Philly Fed Harker.
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.