Asia Wakes Up To A Flatter Curve

T-Notes experience a narrow re-open, last -0-00+ at 132-17+, operating around late NY levels, just shy of Tuesday's peak.

• As a reminder, bull flattening was apparent on the cash Tsy curve during Tuesday trade, with 10+-Year paper richening by ~4.5bp on the day.
• There was little in the way of meaningful news flow apparent on Tuesday, with increased global pockets of worry re: COVID & geopolitical tension surrounding Russia evident. Others pointed to technical related selling/going too far too quickly in the equity space, as narrative fitting did the rounds.
• Lower oil prices also aided the bid in Tsys, as did a 3K block buy of USM1 during the NY morning.
• There was nothing in the way of major local data. Elsewhere, the Fed continues to observe its pre-meeting blackout.
• Q1 CPI data out of New Zealand headlines the regional Asia-Pac docket, although that is unlikely to have much impact on the Tsy space, leaving participants to assess the setup ahead of Wednesday's 20-Year Tsy auction.