MNI: BRAZIL'S COPOM RAISES SELIC RATE BY 100BPS TO 12.25%

MNI BRIEF: US Budget Deficit $367B In Nov; FYTD Record $624B

MNI BRIEF: Former BOC Dep Beaudry Sees 2.75%-3% Rate In 2025

MNI China Daily Summary: Wednesday, December 11

MNI BRIEF: Chinese Rail Passenger Numbers Break Record

MNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday

MNI: US NOV TREASURY BUDGET -$366.8B

EZ/UK Bond Supply Calendar: BTP Auction on Thursday

US EIA: CRUDE OIL STOCKS EX SPR -1.42M TO 422.0M DEC 06 WK

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

Tsys Futures Drop On Strong US Data, Curve Bear-Flattens

US TSYS
  • Treasury futures gapped following better than expected Retail Sales overnight before trading sideways near lows for the remainder of the session as the market digested data, risk markets continued to trade higher through the session with the Nasdaq closing up 2.34%
  • Front-end underperformed overnight with TUU4 - 09¼ to 103-02⅞, while TYU4 - 24+ to 113-00+
  • Cash treasury curves bear-flattened with yields 4-14bps higher. The 2yr yield was +13.7bps to 4.093%, while the 10yr yield was +7.8bps at 3.913%. The 2s10s is at its most inverted since Aug 2nd -5.179 to 18.406.
  • St Louis Fed Pres Musalem is one of the most hawkish members of the FOMC, but his comments overnight suggest he is falling in line with the Fed leadership's view that risks to the inflation vs employment mandates have come into balance - (See link)
  • Data was the main focus overnight, retail sales report showed that the recent unexpected pickup in consumer momentum continues. June retail sales came in well above expectations at 1.0% M/M, Initial jobless claims surprised lower for the second consecutive week with a seasonally adjusted 227k (cons 235k), Import prices were stronger than expected in July as they increased 0.1% M/M (cons -0.1) while Industrial production fell by more than expected in July, at -0.64% M/M (cons -0.3).
  • Projected rate cuts through year end moderated vs. earlier pre-data levels (*): Sep'24 cumulative -31.8bp (-35.2bp), Nov'24 cumulative -62.0bp (-69.6bp), Dec'24 -93.5bp (-104.1bp).
  • Looking ahead we have Housing Start, Building Permits & U. of Mich. Sentiment Today
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets
Homepagemarkets-real-timeBulletMarketsFixed Income Bullets

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.