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Cash Tsys Open Cheaper in Asia-Pac Trading

US TSYS

TYU3 is currently trading at 113-23, -4 from NY closing levels.

  • Cash tsys opened 1.2-2.5bp cheaper for benchmarks out to the 10-year maturity in Asia-Pac trade after weakening sharply in NY trading ahead of the weekend. The 2-year and 10-year benchmark yields finished 16bp and 10bp higher respectively.
  • Following Friday’s mixed employment data, FOMC-dated OIS implied rates didn’t meaningfully change the odds of a 25bp hike on Jun 14 (+6bp), whilst the July terminal doesn't quite fully price in another hike with +20bps.
  • In WSJ Timiraos' words: "A difficult one for the Fed, with many officials saying this report would be very important, because it has a "choose your narrative" element to it."

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