MNI BRIEF: Fed's Williams Says There's No Urgency To Cut Rates

WILLIAMS: NOT BASE CASE TO RAISE RATES FURTHER

MNI: FED'S WILLIAMS: DON'T FEEL URGENCY TO CUT INTEREST RATES

MNI BRIEF: Beijing Opposes U.S. Measures Against Chinese Steel

MNI China Daily Summary: Thursday, April 18

MNI BRIEF: M2 Growth To Slow On Weak Demand - PBOC's Zou

US EIA:NAT GAS STORAGE +50 BCF TO 2,333 BCF APR 12 WK

MNI: US NAR: MAR EXISTING HOME SALES 4.19M SAAR

MNI: US APR PHILADELPHIA FED MFG INDEX 15.5

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

© 1982-2023 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

UK inflation the big driver ahead of the Fed

BONDS
  • Gilts have been the big movers this morning, with the curve bear flattening following the higher-than-expected inflation print this morning. We are particularly focused on the jump in services inflation which rose from 5.2%Y/Y in January to 5.6%Y/Y in the February data. The MNI Markets team think that this will be enough to push the MPC to hiking 25bp tomorrow (which is now pricing around 23bp up from 14bp at yesterday's close). The terminal rate has shifted higher too and 2-year gilt yields were as much as 21bp higher earlier this morning but at writing are around 17bp higher on the day.
  • Bunds and Treasuries were also pulled around by UK inflation data this morning, both on the release of the data and the gilt open. Both curves have flattened but Treasuries are a little higher ahead of the FOMC meeting later today.
  • TY1 futures are up 0-6 today at 114-010 with 10y UST yields down -2.2bp at 3.590% and 2y yields down -3.4bp at 4.136%.
  • Bund futures are down -0.33 today at 135.69 with 10y Bund yields up 2.3bp at 2.311% and Schatz yields up 3.4bp at 2.636%.
  • Gilt futures are down -0.89 today at 103.96 with 10y yields up 8.5bp at 3.449% and 2y yields up 16.6bp at 3.429%.
HomepageBulletMarketsFixed Income BulletsForeign Exchange 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.