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Fed 2023 Rate Expectations Hit New Highs

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Tsys came under pressure during Asia-Pac hours, with the broader risk switch flicked to on. Continued positive developments surrounding the COVID situation in Shanghai, alongside the easing of rules surrounding the purchases of second homes in some Chinese cities & confirmation that Hong Kong will push ahead with its previously outlined timeframe re: the start of the wind back of its COVID-related mobility restrictions, supported wider risk appetite during Asia-Pac hours. Elsewhere, Chinese tech stocks drew support from hope surrounding a meeting between senior Chinese policymakers and tech executives, with participants speculating that the meeting may result in the easing of some of the measures implemented in the well-documented clampdown on the sector. This allowed the Hang Seng to add over 2.0% on the day, while e-minis nudged higher.

  • TYM2 is -0-10+ at 119-11, just off the base of its 0-13+ overnight range, although volume isn’t particularly strong, running at ~80K. Cash Tsys run 3-4bp cheaper across the curve, with very light bear flattening in play.
  • Looking ahead, Tuesday’s NY session will bring the release of retail sales data, in addition to a deluge of Fedspeak (Powell, Bullard, Mester, Harker, Kashkari & Evans are all due to speak).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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