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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 AccessUS$ Credit Supply Pipeline
US Treasury Auction Calendar
Twist Steepening With Front End Bid Ahead Of FOMC Later
- Cash Tsys see a twist steepening, for the most part rallying with the front end leading but the 30Y selling off further after yesterday’s large tail at the re-open auction. Front-end yields have chipped away at yesterday’s rise off post-CPI lows, with the 2Y of 4.18% off extremes of 4.1327% but still down 19bps on pre-CPI levels.
- Treasuries outperform EU FI with Germany announcing record issuance plans for 2023, with an eye on today’s FOMC decision.
- 2YY -3.2bps at 4.186%, 5YY -2.9bps at 3.621%, 10YY -0.2bps at 3.499% and 30YY +1.8bps at 3.552%.
- TYH3 trades 2 ticks higher at 114-27 on modestly above average volumes. It’s off the post-CPI high of 115-11+ which now forms initial resistance. Multiple resistance levels a little higher with 115-14 (50% of the Aug-Oct downleg) and 115-26 (2 proj of the Oct 21 -27-Nov 3 price swing), whilst support is seen at 113-22+ (Dec 12 low).
- FOMC policy announcement (1400ET) and press conference (1430ET).
- Data: Weekly MBA mortgage apps (0700ET), international prices for Nov (0830ET)
- Bill issuance: US Tsy $33B 17W bill auction (1130ET).
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.