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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 AccessUS TSYS: Low Volumes Ahead Of July PCE Report
- Treasuries have seen a modest twist flattening with 2s nudging a little towards yesterday’s lows but the long end slowly paring losses.
- Cash yields are 0.5bp higher (2s) to 1.5bp lower (30s) on the day, with 10s at 3.852% off yesterday’s 3.886% which marked the highest in almost two weeks.
- 2s10s has dipped to -4.6bps (-1.6bps) off yesterday’s high of -1.1bps. Recall it briefly disinverted in global risk-off fallout the Monday after last month’s payrolls report.
- TYZ4 is at 113-30 (+02) having kept to a particularly narrow range of 113-27 to 113-30+ on low volumes of 220k. The bull cycle remains in place with resistance seen at 114-19+ (Aug 21 high).
- Today’s firm focus is on monthly PCE for July. Yesterday’s Q2 revisions showed surprisingly strong consumption and softer core PCE inflation, with the distribution of these revisions through the quarter likely helping shape market reaction. See the MNI Preview here.
- Data: PCE Jul (0830ET), MNI Chicago PMI Aug (0945ET), U.Mich consumer survey Aug final (1000ET)
- Fedspeak: None scheduled
To read the full story
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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.