FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Yields Climb to New Highs After BoE Follows Fed With Hawkish Hold

US TSYS
  • Tsy futures bounced briefly but remained under pressure after the BoE left rate unchanged at 5.25%. Split five-to-four in deciding to leave the Bank Rate on hold. All the senior Bank insiders on the committee, with the exception of departing Deputy Governor Jon Cunliffe, backing no change.
  • Rate futures extended lows (yields at new 16Y highs: 10YY marking 4.881%) after weekly claims came out lower than expected at 201k vs. 225k (small up-revision in prior to 221k from 220k), broad decline in Philadelphia Fed Business Outlook, however, -13.5 vs -1.0 est, 12.0 prior.
  • Rates held near lows after Existing Home Sales came out a little softer than expected (4.04M vs 4.1M est), MoM (-0.7% vs 0.7% est), Leading Index (-0.4% vs. -0.5 est, prior up-revised to -0.3% from -0.4%).
  • Thursday session low of 108-08 put focus on 108-00 and 107-23, the 1.236 projection of the Jul 18 - Aug 4 - Aug 10 price swing.
  • Cross asset summary: Greenback near flat (DXY +.015 at 105.343), Gold weaker (-9.56 at 1920.74), crude weaker (WTI -.08 at 89.58) and stocks extending late lows: DJIA is down 218.24 points (-0.63%) at 34223.35, S&P E-Mini Futures down 55.5 points (-1.25%) at 4392, Nasdaq down 184.6 points (-1.4%) at 13285.99.
  • Friday focus: S&P Global PMIs, while Fed speakers return from policy blackout: both at 1300ET, separate events: SF Fed Daly on economy, policy and MN Fed Kashkari fireside chat, audience Q&A, livestreamed.
BulletMarketsFixed Income BulletsHomepage
BulletMarketsFixed Income BulletsHomepage

To read the full story

Close

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.