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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.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI China Daily Summary: Wednesday, December 11
Tsys Have That Heavy Feeling, FOMC Next Week
- Not much of a react to PPI, more or less in-line with expectations (FINAL DEMAND PPI +0.5%, EX FOOD, ENERGY +0.2%). Tsy futures holding to relative narrow range -- near lows over last four hours. Moderate buying in 10s-30s was short lived.
- Lack of clarity adding to pressure in rates: another day closer to Supplementary leverage ratio (SLR) exemption expiration on Wed, Mar 31, and still no word from Fed gov's over extending (widely expected) or letting it expire -- necessitating banks to scale back their deposits, reserves, and Tsy holdings.
- Decent option trade, put buys/heading rate hikes in late '22 through '23 continue; vol sale on range: Block, -40,000 short Sep 96/97 strangles, 12.0 vs. 99.67, -5.6k more/screen. Salient Tsy option highlight: +32,000 TYM 129/130/131/132 put condors 12 on screen.
- The 2-Yr yield is up 1bps at 0.149%, 5-Yr is up 5.9bps at 0.8449%, 10-Yr is up 9.7bps at 1.6335%, and 30-Yr is up 10.6bps at 2.4005%.
To read the full story
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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.