RPT-MNI BOC WATCH: More Gradual Approach Seen After 50BP Cut

MNI BRIEF: Beijing To Protect Firms From U.S. Bill - MOFCOM

MNI: SNB CUTS KEY POLICY RATE BY 50 BPS TO 0.5%

MNI: PBOC Net Injects CNY28.8 Bln via OMO Thursday

MNI: PBOC Sets Yuan Parity Higher At 7.1854 Thurs; -1.13% Y/Y

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

MNI: SWEDEN FINAL NOV CPIF +1.8% Y/Y

MNI:AUSTRALIA NOV UNEMPLOYMENT RATE +3.9%

MNI: US NOV TREASURY BUDGET -$366.8B

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

US TSYS: Tsys Futures Edge Lower Ahead Of PPI & Jobless Claims

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Tsys futures have edged lower throughout the session, with most contracts breaking below Wednesday's lows. There hasn't been much in the way of headlines, while volumes have also been below recent averages, there has also been no notable trades to mention. TU is the best performing contract, trading -00+ at 103-01+, while TY trades -02 at 110-20, WN is trading -11 at 124.23
  • Focus tonight will be on PPI numbers with consensus for m/m PPI to remain in line with the prior month at 0.2%.
  • Cash tsys curve has continued the overnight moves, with the curve slightly steeper. Yields are 0.8bps to 1.2bps higher, with the 2yr  +0.8bps at 4.161%, while the 10yr is +1.2bps at 4.283%. The 2s10s is +0.336 at 11.914.
  • Fed fund futures are currently pricing in 24.7bps of cuts next week, up from 21.5bps prior to CPI. Pricing has just been bought forward slightly, with rate cut pricing cooling 3-5bps further out, currently the market expects a cumulative 83.5bps of cuts through to December 2025.
  • Tonight, we have PPI and Jobless claims. There will also be a 4w, 8w and a 30y auction.
183 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.
  • Tsys futures have edged lower throughout the session, with most contracts breaking below Wednesday's lows. There hasn't been much in the way of headlines, while volumes have also been below recent averages, there has also been no notable trades to mention. TU is the best performing contract, trading -00+ at 103-01+, while TY trades -02 at 110-20, WN is trading -11 at 124.23
  • Focus tonight will be on PPI numbers with consensus for m/m PPI to remain in line with the prior month at 0.2%.
  • Cash tsys curve has continued the overnight moves, with the curve slightly steeper. Yields are 0.8bps to 1.2bps higher, with the 2yr  +0.8bps at 4.161%, while the 10yr is +1.2bps at 4.283%. The 2s10s is +0.336 at 11.914.
  • Fed fund futures are currently pricing in 24.7bps of cuts next week, up from 21.5bps prior to CPI. Pricing has just been bought forward slightly, with rate cut pricing cooling 3-5bps further out, currently the market expects a cumulative 83.5bps of cuts through to December 2025.
  • Tonight, we have PPI and Jobless claims. There will also be a 4w, 8w and a 30y auction.