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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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessVIEW: Friday saw Goldman Sachs note that....>
US TSYS: VIEW: Friday saw Goldman Sachs note that "while US nominal yield curves
have steepened somewhat since the emergency rate cut in March, we believe there
is still substantial room for further steepening over the next year if our
baseline expectation for an economic recovery takes hold. We do not expect much
movement in the 2s5s portion of the curve, though we believe 5s30s nominal
curves, which have steepened 25-35bp since the emergency March cut, can steepen
an additional 40-50bp over the course of the next year. These yield curves have
steepened by an average of 95bp across the prior two cycles in the year
following the last rate cut, and differences between those recoveries and the
current recovery if anything suggest upside risk. While we like nominal curve
steepeners, we recommend adding 5s30s real yield curve steepeners as they offer
better entry levels and are likely to eventually steepen to a greater extent
than the nominal curve. The more attractive entry level is to some extent the
result of sharp declines in energy prices, which we think will start to reverse
later this year. So far, the real yield curve has steepened by 35bp since the
March cut, compared to an average of 135bp across the prior two cycles."
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.