A Little Firmer, Tight Range Still In Play

TYZ1 firms a touch, last +0-06 on the day at 130-20+, representing best levels of the session. Cash Tsys are ~1bp firmer across the curve. The modest richening may have been aided by a RTRS story which noted that "China's state reserve bureau on Wednesday told Reuters that it was working on a release of crude oil reserves and will disclose the details of the move on its website." Although, "the National Food and Strategic Reserves Administration declined to comment if the release is related to Washington's request to the world's top consuming nations on tapping oil reserves to cool global energy prices." A quick reminder that several source reports have previously flagged the Biden administration's push to coordinate such activity with the likes of Japan, South Korea & China. A dip in the Hang Seng, which trades over 1.5% lower on the day, will also be helping Tsys. In terms of flow, there hasn't been much to note, outside of some light screen lifting of FV futures in the latest uptick (+2.8K).