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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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Free AccessMNI POLITICAL RISK - Trump's First Post Election Interview
MNI POLITICAL RISK ANALYSIS - Week Ahead 9-15 Dec
Yield Curves Pare Back Steepening Late
Rates finish modestly higher -- bonds at upper half of range since midmorning. Yield curves still steeper but off highs as short end pared gains w/ block sellers in 2s and 5s late. Tsy 2s10s at 34.272 (+3.094) vs. 38.183 high; 5s30s at 4.289 (+1.266) vs. 8.309 high.
- Tsys bounced after delayed buying not necessarily tied to March reading of the Producer Price Index gained +1.4% MoM vs. +1.1% exp (+11.2% YoY vs. +10.6% exp).
- Geopol risk moving closer to front burner again after Russia state media TASS reported US weapons convoy/deliveries to Ukraine to be viewed as valid targets. Meanwhile, Sweden and Finland appear closer in joining NATO (see 0636ET and 0732ET bullets), potentially expanding NATO-aligned country boarders w/ Russia threefold to appr 1000 miles from 300 now.
- Tys pared gains, bouncing back near midday highs after $20B 30Y auction re-open (912810TD0), Bond sale tails slightly: 2.815% high yield vs. 2.804% WI; 2.30x bid-to-cover vs. 2.46x last month.
- Busy day for economic data Thu, Fed speak on early close ahead extended Easter holiday weekend (Friday close): weekly claims, retail sales, import/export prices, business inventories and U-Mich sentiment. NY Fed Williams Bbg interview at 0845ET, Cleveland Fed Mester and Philly Fed Harker after the close.
- The 2-Yr yield is down 3.7bps at 2.3686%, 5-Yr is down 2bps at 2.669%, 10-Yr is down 1.1bps at 2.7101%, and 30-Yr is up 0.2bps at 2.8109%.
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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.