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Cash Tsy Curve Twist Flattens As Trading Resumes

US TSYS

TYU3 is currently trading at 113-15, +9 from NY closing levels, in Asia-Pac trade. After the Memorial Day holiday, the cash tsy curve continues to display a flattening pattern, albeit with a twist.

  • However, the earlier rise in short-term yields has moderated since the market opened. Specifically, the 2-year yield has increased by 1.5bp versus its opening of +3.3bp.
  • Among the benchmarks, the standout performer is the 20-year, which has witnessed a 4.8bp decline, currently yielding at 4.092%.
  • With the calendar light in Asia, local participants are likely on headlines watch.
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