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US TSYS
US TSYS: A very quiet re-open for T-Notes, -0-06+ at 131-05, with cash Tsys
closed during the entirety of the Asia-Pac session because of a Japanese
holiday. The staggered resumption in Chinese biz activity on Monday provided a
bid for the space during European & U.S. hours, after a choppy Asia-Pac session.
T-Notes couldn't close above the Asia-Pac highs, after a brief look above (on
German bird flu headlines), fading into the close as equities rallied.
- Belly outperformed marginally on curve, as yields finished 0.8-1.9bp lower.
- Fedspeak saw Daly note that the U.S. econ remains in a "good place,"
suggesting that the coronavirus outbreak hasn't created a material risk for
MonPol. Daly also noted that central banks need to get comfortable using a
bigger toolkit to boost inflation in a slow-growth world & should "embrace"
inflation that's slightly > tgt. Elsewhere, Harker flagged the impact of
coronavirus as "something to watch" but maintained his view that rates are where
they should be amid +ve developments in labour mkts & inflation. Gov. Bowman had
already pointed to a very favourable U.S. econ outlook early in the day.
- Eurodollar futures print unchanged to 2.0 ticks lower through the reds.
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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