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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.
US OUTLOOK/OPINION
Wrightson ICAP got it close on their estimate for Tuesday's RRP volume surge to $433B (on Monday, they had forecast $425B), and anticipate totals rising further into end-month: to $475B (they'd previously expected $450B peak into the holiday weekend).
- They saw the biggest surprise in yesterday's data that the Treasury General Account didn't fall further Monday (it rose $8B), among other reasons because COVID payments to state/local gov'ts "slowed to a trickle". This meant the surge in RRP volume (we saw $395B takeup on Monday too) was not directly related to new federal cash being pushed into the market.
- That noted, Wrightson ICAP still expects "a massive wave" of payments to local gov'ts in the coming weeks.
Source: US Treasury, NY Fed, MNI
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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