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Bear Steepening Kicking In

US TSYS

Tsys were already on the defensive on the back of the previously identified cross-asset flows. TYM2 has extended to fresh session lows after e-minis failed to test their early session lows. News that Shanghai port throughput has recovered to ~90% of capacity, with the city also noting that it is set to expand its work resumption drive in areas with no COVID risk from early June, also helped Tsys to cheapen. TYM2 last deals -0-05 at 119-09 as a result, with cash Tsys running 0.5-2.5bp cheaper across the curve, bear steepening.

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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