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Cheaper In Asia, OPEC+ Cuts Oil Production


TYM3 deals at 114-23, -0-06+, with an observed range of 0-13 on volume of ~56k.

  • Cash tsys sit 4-8bps cheaper across the major benchmarks, the curve has bear flattened.
  • Tsys were pressured in early trade as OPEC+ announced a surprise oil production cut of more than 1 million barrels a day abandoning previous assurances it would hold supply steady linkhere.
  • In the wake of the weaker than expected Caixin Mfg PMI print tsys were marginally pressured, however daily ranges remained intact in TU and TY.
  • Fed dated OIS price a ~16bp hike into the May meeting with the terminal rate at 4.98%, there are ~55bps of cuts priced for 2023.
  • On the wires today in Europe we have Swiss CPI, further out the ISM Manufacturing Survey and the final print of Manufacturing PMI headline. Fedspeak from Governor Cook will cross.

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