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Cheaper In Volatile Session

US TSYS

TYH3 deals at 114-27, -0-00+, little changed from levels seen late in the NY session.

  • Cash tsys finished 4-7bps cheaper across the major benchmarks.
  • Cheapening pressure was seen in the European session, there was no headline driver for the move, however, an IMF suggesting a number of options for the BoJ to exit its ultra-easy monetary policy weighed at the margins.
  • Tsys initially extended losses on a headline GDP beat, before paring losses as the print showed weakening domestic demand.
  • Cross market flows weighed on tsys as e-minis were pressured in volatile trade.
  • The latest 7-year supply stopped through by ~2bps, strong bid/cover ratio and indirect take up was observed, aiding a recovery from session lows.
  • CPI data from Tokyo headlines the Asia-Pac session. Further out we have a slew of US data including personal income/spending, PCE Deflator, U of Mich Consumer Sentiment and Pending Home Sales.

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