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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.
US TSYS
- Cash Tsys trade twist flatter on the day, with 3s still leading the sell-off (+3.7bps) and only 30s rallying (-0.7bps).
- Losses extended after non-oil import price data showed some additional inflationary pressure at the margin after the week’s stronger CPI and PPI releases, although pared some of those lows with a slightly softer than expected U.Mich survey.
- Further BoJ headlines, this time Nikkei explicitly seeing the BoJ guiding the short-term rate to 0-0.1% had little impact after already contributing to sell-offs this week, especially JiJi’s piece after PPI yesterday.
- 10Y yields currently hover at ~4.30% having earlier touched 4.3182% in another step closer to YtD highs of 4.3486%. They started the week at 4.08%.
- Similarly, TYM4 at 110-02+ is off earlier lows of 109-31 vs the bear trigger at 109-25+ (Feb 23 low). Volumes of 1.4m at typing have faded compared to recent sessions.
- At the very front end and ahead of next week’s FOMC, Fed Funds implied rates are back consistent with the December dot plot with 74bp of cuts for the year. Near-term cumulative cuts: 0.5bp Mar, 3bp May, 16bp Jun and 27bp Jul.
US 10Y Tsy yieldSource: Bloomberg
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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