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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 AccessUnwinding Post-NFP Rally, SLOOS Credit Less Tight Than Estimated
- Treasury futures are holding just above late session lows after both Tsy and SOFR futures nearly unwound all of Friday's post-NFP rally.
- A confluence of less tighter credit conditions reported by the Fed's latest Sr Loan Advisor Survey (SLOOS) for Q3, and heavy corporate supply at nearly $27B weighed on rates due to rate lock hedges after $6B RTX Corp 5-tranche and $5.5 Roche 5-tranche issuance surprised to the upside.
- The SLOOS report has had little impact on pricing for near-term FOMC meetings (which are still seen with essentially an end to the hiking cycle) but has trimmed cuts later into 2024.
- Fed Funds futures still show the first cut in June but with a cumulative 33bp of cuts vs 36bp pre SLOOS (and 27bps before payrolls), building to a cumulative 91bp of cuts by end-2024 vs 94bp pre SLOOS (and 84bp before payrolls).
- Cross asset: Stocks are having a mildly rocky morning, S&P Eminis bounced off marginal lows at the same time as Tsys, have since scaled back support to near steady at 4376.00.
- Tuesday Data Calendar: Multiple Fed Speakers and 3Y Note Sale
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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.