Cheaper, But Off Lows

TYU2 is -0-06 at 117-15, operating 0-04+ off session lows at typing. Cash Tsys have bear flattened, with the space reversing an early, light bid to run 0.5 to 3.5bp cheaper across the curve.

• The move lower came amidst some selling pressure across core FI markets, with a lack of macro headline flow continuing to offer little by way of notable catalysts.
• Elsewhere, relatively limited moves in U.S. e-mini equity index futures and major crude benchmarks were seen, although a broad bid in regional cash equity indices and risk positive-oriented flows in the G10 FX space may have applied some pressure.