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A Little Firmer On Wider Macro Inputs

US TSYS

The previously alluded to rounds of Chinese monthly economic activity and UK labour market data allow Tsys to build on Monday’s late NY stabilisation, with the major cash benchmarks running 3-4bp richer, a light bull steepening bias is observed. TYM3 sits at fresh session highs, operating within a 0-09+ range. FOMC-dated OIS shows just over 70bp of easing by year-end vs. current terminal rate pricing after yesterday’s mix of hawkish commentary from Kashkari (’23 voter) against more guarded musings from Goolsbee (’23 voter) and Bostic (’24 voter). Retail sales data headlines the domestic data slate in NY hours, with another raft of Fedspeak incoming.

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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