FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US TSYS: Firmer Again, Labor Clues Keenly Watched

US TSYS
  • Treasuries have pulled back a little away from highs but the general theme is one of a further but milder rally after yesterday’s sizable risk-off moves. The S&P 500 e-mini has tilted a little lower (-0.4%) after -2.1% for cash yesterday and industrial metals remain under pressure.  
  • TYZ4 trades at 114-06 (+ 06) off an earlier high of 114-09, which pushed through yesterday’s 114-07+ in a latest step closer to resistance at 114-19+ (Aug 21 high). Volumes are elevated at 370k.
  • Cash yields are 1-2.5bps lower, with the front-end leading declines today after lagging moves yesterday.
  • The bull steepening sees 2s10s lift to -1.9bps (+1.1bp) as it remains close to Friday’s latest high of +0.5bp and the +2bp seen briefly in global risk-off spillover the Monday after last month’s payrolls.
  • Ahead, the BoC is expected to cut 25bp for a third consecutive meeting at 0945ET (but with less scope for spillover being fully priced) before firmer focus on JOLTS shortly after and less so the Beige Book for any signs of additional labor market weakness.
  • Data: Weekly MBA mortgages (0700ET), Trade balance Jul (0830ET), JOLTS Jul (1000ET), Factory orders Jul (1000ET)  
  • Fed: Beige Book (1400ET)
  • Bill issuance: US Tsy to sell $60bn 17-week bills (1130ET)
USGlobalBulletMarketsFixed Income BulletsRegionNorth America

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.