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A Little Firmer As NY Filters In, Curve Still Twist Steepens On The Day

US TSYS

Tsys firm a little as we head towards the NFP print, with markets perhaps eying the BBG whisper number for the headline release (which finished at +156K vs. the BBG survey median of +170K).

  • Chinese policy support headlines continue to dominate the wires, with little else worth flagging.
  • TYZ3 looks through Asia-Pac highs, last printing at the top of a still narrow 0-07+ range. Last +0-01+, a little shy of yesterday’s high.
  • Cash Tsys run 2.5bp richer to 1bp cheaper, with the curve still twist steepening.
  • FOMC-dated OIS shows terminal policy rate pricing steady at 5.45% come November, with ~54bp of cuts then priced through June ’24.
  • A quick reminder that participants will likely eye the exits after the ISM manufacturing releases, given the presence of the long Labor day weekend (cash Tsys closed Monday, with futures seeing shortened hours to start next week).
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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