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Bear Steepening Extends Into Asia-Pac Dealings

US TSYS

TYZ3 is currently trading at an Asia-Pac session low of 106-12+, -0-08 from NY closing levels.

  • Cash tsys are flat to 5bps cheaper across benchmarks, as the bear-steepening seen in yesterday's NY session extends into the Asia-Pac session.
  • There haven’t been any meaningful headlines so far in the Asia-Pac session, other than the US House of Reps voting to oust speaker McCarthy.
  • Bloomberg reports that investors are positioning for the US tsy 10-year to exceed 5.0%. Most of the options action centred on November and December expiries, which have seen a jump in open interest across a number of put-option strikes equivalent to a 5% yield and higher. (See link)
  • Later today sees a slew of US economic releases, including ADP Private Employment and ISM Services.
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