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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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Free AccessUS TSYS: Bonds Lead Bounce in Second Half Trade, Pre-NFP Squaring
- Treasury futures are quietly paring losses in the second half, curves mildly flatter (2s10s -.930 at 10.442; 5s30s -2.575 at 31.429) with bonds leading the move to session highs. In the absence of headline drivers, the current drift off lows mirrors late moves in Gilts.
- The Dec'24 10Y futures contract trades -3 at 110-19.5 vs. 110-20 high, initial technical resistance above at 111-06.5 (Oct 25 high) to 111-29 (20-day EMA).
- Trading desks note modest short covering from proprietary/trading accts looking to square up positions ahead of tomorrow's October employment report at 0830ET, current survey estimate at +105k jobs vs. +254k in September.
- The FOMC announces their next rate decision on Thursday, November 7 (dots not included. Current projected rate cuts into early 2025 are largely steady vs. late Wednesday levels (*): Nov'24 cumulative at -23.5bp ( -23.5bp), Dec'24 -42.8bp (-42.8bp), Jan'25 -58.1bp (-58.1bp), Mar'25 -75.0bp (-76.0bp).
To read the full story
Sign up now for free trial access to this content.
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.