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Cheapening As RBA Spill Over Fades

US TSYS

TYU2 sits -0-15+ at 115-23+, registering fresh session lows at writing. The move lower comes as U.S. e-mini futures and major crude benchmarks have pushed higher in Asia-Pac dealing, with meaningful macro headline flow remaining limited following the re-opening of cash Tsy markets.

  • Cash Tsys have continued to bear steepen and run 6.0-7.5bp cheaper across the curve, with the richening impulse observed in core FI markets in the wake of RBA Governor Lowe’s previously outlined comments evaporating.

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