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Back To Early Cheaps

US TSYS
BulletMarketsFixed Income

Tsys have struggled for direction after their early cheaps, operating in territory witnessed near the re-open at typing amidst a lack of meaningful macro headline flow and tier 1 data releases. Cash Tsys run 2.0bp to 3.0bp cheaper across the curve with the belly leading the way lower, while TYU2 is -0-06 at 119-23+, 0-02+ off session lows and operating within a 0-07+ trading range.

  • Major crude benchmarks are back from session highs while e-minis have dipped a little below neutral levels after an earlier bid, helping keep Tsys off worst levels.
  • Elsewhere, previously-flagged worry re: COVID-induced lockdowns out of China likely drives concerns re: economic growth in Asia, with a gauge of travel and leisure stocks underperforming broader domestic equity index benchmarks (FTSE China A600 Travel and Leisure: -2.2% at typing).
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Tsys have struggled for direction after their early cheaps, operating in territory witnessed near the re-open at typing amidst a lack of meaningful macro headline flow and tier 1 data releases. Cash Tsys run 2.0bp to 3.0bp cheaper across the curve with the belly leading the way lower, while TYU2 is -0-06 at 119-23+, 0-02+ off session lows and operating within a 0-07+ trading range.

  • Major crude benchmarks are back from session highs while e-minis have dipped a little below neutral levels after an earlier bid, helping keep Tsys off worst levels.
  • Elsewhere, previously-flagged worry re: COVID-induced lockdowns out of China likely drives concerns re: economic growth in Asia, with a gauge of travel and leisure stocks underperforming broader domestic equity index benchmarks (FTSE China A600 Travel and Leisure: -2.2% at typing).