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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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Free AccessTsys Futures Steady, Curve Flattens As Market Rethinks "Trump Trade"
- Treasury futures initially sold off a touch after China lower the LPR, although we have since recovered that move to trade little changed today. TUU4 trades - 00⅛ at 102-15, while TYU4 is + 02+ at 110-29, ranges have been tight today, while volumes have been below average.
- The treasury curve has flatten, reversing some of the curve steepening that has occurred as a part of the "Trump Trade", although it should be noted that betting markets have not really swung back in favor of the democrats. This morning the 2y is -0.7bps at 4.504%, while the 10yr is trading -1.6bps at 4.223%
- Projected rate cut pricing into year end look steady to mixed vs. late Thursday levels (*) -- Sep gains while Nov and Dec decline: July'24 at -4.5% w/ cumulative at -1.1bp at 5.318%, Sep'24 cumulative -25.9bp (-25.2bp), Nov'24 cumulative -40.6bp (-41.1bp), Dec'24 -62.9bp (-64.6bp)
- looking ahead today we have Chicago Fed Nat Activity Index, the Fed is in a policy blackout until August 1.
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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.