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A Little Off Cheapest Levels

US TSYS

Tsys have found a bit of a base after the earlier cheapening impetus (facilitated by the previously-flagged phone call between Yellen-Liu and hope surrounding the prospect off a rollback of some U.S. tariffs levied on China), with cash Tsys running 8.0 to 12.5bp cheaper across the curve, bear flattening. TYU2 is -0-13+ at 118-27, operating 0-04 above session lows at typing.

  • The move off cheapest levels in Tsys also comes as Chines equities give back their early gains and more, while major crude benchmarks have also pared their own gains. U.S. e-minis have backed away from session highs as well..
  • 2-Year Tsy yields briefly showed above 10-Year Tsy yields, with that spread inverting for the first time since Jun 15.
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