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Cash Bonds Open Slightly Cheaper

US TSYS

TYH4 is trading at 111-27, flat from NY closing levels.

  • Cash bonds have opened flat to 1bp cheaper in today’s Asia-Pac session after yesterday’s bear-steepening. Benchmark yields finished 8-12bps higher on Tuesday after Fed Waller pushed back against aggressive rate cut expectations.
  • Looking ahead: Heavy US data calendar includes Retail Sales, Import/Export $, IP/Cap-U, Fed speakers: Barr, Bowman and Williams, US Treasury auctions $13.B 20Y Bond re-open.
  • China's December industrial production, retail sales and fourth-quarter GDP are the highlights of today’s Asian calendar.

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