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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.
US TSYS
- Treasury futures have traded in tight ranges today, the front-end has underperformed just a touch with TUU4 now +0-00+ at 102-06⅛, while TYU4 is currently +0-03 at 110-20.
- The 2Y10Y has hit -50.00 for the first time since December, with the dec lows at -56.116 (see chart 1 - source bbg)
- Volumes: TU 26k, FV 38k, TY 59k
- Tsys flows: Earlier there was a Block Fly (TU, TY, WN) Buyer belly, DV01 310k
- Cash treasury curve is little changed this morning, yields are flat to 0.5bp higher.
- APAC Markets: ACGB curve is slightly flatter, yields are 1-3bps lower, NZGB curve is 1.5-2.5bps lower, while JGBs are flat to 1.5bps higher, curve is slightly steeper.
- The Fed's Mary Daly warned that the US labor market is nearing an inflection point where further slowing could lead to higher unemployment and emphasized the need for restrained demand to return inflation to the 2% target. She stressed the importance of remaining vigilant and adaptable in monetary policy, given the uncertainty in inflation trends and labor market conditions.
- Projected rate cut pricing are steady to mildly higher vs. early Monday levels (*): July'24 at -10% w/ cumulative at -2.5bp at 5.302%, Sep'24 cumulative -18.6bp (-18.4bp), Nov'24 cumulative -28.0bp (-27.1bp), Dec'24 -47.9bp (-46.8bp).
- Looking ahead, Fed Speak, Home Prices, Regional Fed Data and Fed Governors Michelle Bowman and Lisa Cook will speak
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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