MNI BRIEF: China To Fight Against Extra U.S. Tariffs: MOFCOM

MNI BRIEF:China's Politburo Eyes More Proactive Macro Policies

MNI: PBOC Net injects CNY102 Bln via OMO Friday

MNI China Press Digest Feb 28: Copper, Consumption, A-shares

MNI: PBOC Sets Yuan Parity Lower At 7.1738 Fri; -0.99% Y/Y

MNI: Fed Can Be Patient, Policy Not Very Restrictive-Hammack

MNI JAPAN JAN RETAIL SALES +3.9% Y/Y; DEC +3.5%

MNI JAPAN JAN FACTORY OUTPUT -1.1% M/M; DEC -0.2%

MNI JAPAN FEB TOKYO CORE CPI +2.2% Y/Y; JAN 2.5%

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US TSYS: Tsys Curves Bear-Steepen, Trumps Confirms Tariffs

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries bear steepened on the day with long-end of the curve ending cheaper by around 2bp, however we did see some support in the long-end right into the close. Curves rebounding off two-week lows (partially tied to late 5Y/30Y Ultra steepener Block). Earlier Tsys futures nearly breached the highest levels since mid-December but quickly retreated following last night's data.
  • TU closed -0-00⅞ at  103-10¼, while TY closed -0-08 at 110-20+
  • Pres Trump confirmed a March 4 timeline for tariffs on Canada, Mexico and China, with the latter including an additional 10% tariff on top of the already in place 10%.
  • Cash tsys yields closed off session's worst, as the long-end saw some support heading into the close with the 10yr closing the session +0.4bps at 4.260%, after earlier trading +2.5bps. Curves steepened with the 2s10s +2.2bps at 20.473.
  • Initial claims were higher than expected at 242k (sa, cons 221k) in the week to Feb 22, after an upward revised 220k (initial 219k); Core PCE inflation was revised up in the second Q4 release, although at 2.65% annualized from an initial 2.50%, it was exaggerated on screens by rounding to 2.7%; Pending home sales in January fell much more sharply than expected (-4.6% vs -0.9% expected, -4.1% prior rev from -5.5%).
  • Fed-dated OIS was broadly unchanged on the day, around 57bp of rate cuts remains priced by the December FOMC with approximately 7bps of easing priced into the May policy meeting
  • Later today we have Personal Spending/Income, PCE, Wholesale Inventories & MNI Chicago PMI
247 words

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.
  • Treasuries bear steepened on the day with long-end of the curve ending cheaper by around 2bp, however we did see some support in the long-end right into the close. Curves rebounding off two-week lows (partially tied to late 5Y/30Y Ultra steepener Block). Earlier Tsys futures nearly breached the highest levels since mid-December but quickly retreated following last night's data.
  • TU closed -0-00⅞ at  103-10¼, while TY closed -0-08 at 110-20+
  • Pres Trump confirmed a March 4 timeline for tariffs on Canada, Mexico and China, with the latter including an additional 10% tariff on top of the already in place 10%.
  • Cash tsys yields closed off session's worst, as the long-end saw some support heading into the close with the 10yr closing the session +0.4bps at 4.260%, after earlier trading +2.5bps. Curves steepened with the 2s10s +2.2bps at 20.473.
  • Initial claims were higher than expected at 242k (sa, cons 221k) in the week to Feb 22, after an upward revised 220k (initial 219k); Core PCE inflation was revised up in the second Q4 release, although at 2.65% annualized from an initial 2.50%, it was exaggerated on screens by rounding to 2.7%; Pending home sales in January fell much more sharply than expected (-4.6% vs -0.9% expected, -4.1% prior rev from -5.5%).
  • Fed-dated OIS was broadly unchanged on the day, around 57bp of rate cuts remains priced by the December FOMC with approximately 7bps of easing priced into the May policy meeting
  • Later today we have Personal Spending/Income, PCE, Wholesale Inventories & MNI Chicago PMI