MNI BRIEF: US May Existing Home Sales Pace Falls 0.7% To 4.11M

MNI INTERVIEW2: Uninsured Bank Deposits Still Vulnerable-Bair

CANADA APR RETAILS +0.7%, MATCHING FORECAST, PRIOR -0.3%

MNI BRIEF: China Hopes EU To Ease Frictions Via Negotiations

MNI: PBOC Net Injects CNY8 Bln Via OMO Fri; Rates Unchanged

MNI: PBOC Sets Yuan Parity Higher At 7.1196 Fri; -1.41% Y/Y

MNI: BAKER HUGHES US RIG COUNT 588; OIL RIGS 485; GAS RIGS 98

EZ/UK Bond Supply Calendar: EU Auction, BoE APF Monday

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

MNI BRIEF: Poilievre Calls QE 'Scam' And Would Limit BOC Remit

MNI: Growth Drag From Net Zero Carbon Goal Can Be Offset-OECD

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Tsys Strong Ahead March NFP, S&P futures Top 4,000

US TSYS SUMMARY
Steady move higher from early overnight to around noon Thursday, Tsys traded sideways/holding near top end of range through the close as equity futures topped 4,000 for the first time, yld curves bulll flattened.
  • Post-Claims Bid: Slight delay post data before bid on decent volumes, futures made new session highs after wkly claims came out higher than exp (719k vs. 675k est), continuing claims pretty much in line at 3.794M. , yld curves bull flattening:
  • All better reads on Mfg ISM data drew immediate selling followed by brief buying on the follow, some desks posited data was miss vs. whisper number on the heels of Wed's 5pt beat on Chicago PMI.
  • Treasury sources report waves of real$ buying in long end as yield curves resume bull flattening, foreign acct buying intermediates, sporadic month end buying in the mix vs. swap-tied selling in 5s-10s.
  • FRBNY EFFR for prior session: Daily Effective Fed Funds Rate: 0.06% volume: $56B; Daily Overnight Bank Funding Rate: 0.05%, volume: $148B. Relevance:
  • Last year, OBFR dipped to 0.05% on April 1 as well and stayed there through June 1 with a brief dip to 0.04% on April 21 to May 1. Focus is speculation whether the Fed will raise IOER if EFFR dips below 5bps or less.
  • Early close Friday w/March NFP at normal 0830ET, median est +650k.
  • The 2-Yr yield is down 0.2bps at 0.1585%, 5-Yr is down 3.5bps at 0.9042%, 10-Yr is down 6.3bps at 1.677%, and 30-Yr is down 7.1bps at 2.3392%.
BulletMarketsFixed Income Bullets
BulletMarketsFixed Income Bullets

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.