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Bear Steepening Extends


Tsys extend yesterday’s bear steepening, with cash Tsys running 1-5bp cheaper.

  • 2s10s and 5s30s operate shy of their respective recent highs.
  • TYZ3 has moved through last week’s low, briefly breaching 107-00, before retracing to trade at the figure. There isn’t much in the way of meaningful technical support until the September 4 low (106-03+)
  • The Asia-Pac direction of travel was aided by cross-market moves derived from a soft round of demand at the latest 20-Year JGB auction and the latest long end ACGB syndication.
  • Retail sales headlines the NY data docket.
  • Elsewhere, we will get a raft of Fedspeak, headlined by Williams & Bowman. FOMC-dated OIS shows ~9.5bp of tightening through January ’24, before ~51bp of cuts are priced through September ’24 (vs. current terminal rate pricing).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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