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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 rallied sharply amid heavy.....>
US TSYS SUMMARY: Tsys rallied sharply amid heavy volume Thursday.
- Yields dropped hard over the course of the day, with 5Y/10Y/30Y yields
reaching levels not seen since Nov-Dec 2017, and in the 2Y not seen since Feb
2018 with short end leading the charge lower.
- 2-Yr yield down 9.5bps at 2.1274%, 5-Yr down 9.4bps at 2.0858%, 10-Yr down
8.8bps at 2.2939%, and 30-Yr down 7.7bps at 2.7308%.
- Poor European data compounded by weak US flash PMI for May which included
weakest new business orders since the Composite series began in 2009.
- Rate cut concerns clearly back: several Eurodollar futures contracts hit new
highs, and the spread of Jun19-Jun20 Eurodollar futures moved further inverted,
implying 3M rates moving 52bps lower over the course of the next year.
- Amid all this, 10Y TIPS auction saw lowest yield since Jan 2018 and highest
cover ratio since Apr 2010.
- The last data before the Memorial Day holiday weekend includes Apr durable
goods and St Louis/NY Fed GDP Q2 Nowcasts.
- Reminder of early market close Friday (1300ET), and Monday close.
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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.