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Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI Podcasts -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
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Real-time insight of oil & gas markets
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Data
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MNI Research
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
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About Us
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Free AccessVIEW: Goldman Sachs note that "in...........>
US TSYS: VIEW: Goldman Sachs note that "in addition to fundamentals, we believe
a couple of shorter term factors have led to the rally - our PCA framework
attributing changes to the 3 macro factors (growth, inflation & MonPol) leaves a
residual of over 10-15bp. We think positioning is one such factor; steepeners
have been a widely held view, and the rally from early-Jun highs has probably
triggered some unwinds. Indeed, following very strong demand at the 30y auction
(the indirect award was an all-time high going back to the start of history in
'06), our standing 5s30s real yield curve steepener hit its trailing stop, and
we unwound the position at 18bp profit. The auction results and market action
going into and following the auction suggest not just short-covering, but also
potentially a real money bid. While the early part of the rally suggests Asian
and domestic investor buying, more recent price action suggests the bid has
largely been domestic, and from an intraday timing perspective, followed updates
on virus caseloads. Although there's some room for 30y UST yields to decline,
which could keep this type of demand active, we think the argument is less
compelling for UST 10s. Therefore, we recommend selling 10y USTs."
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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.