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Cheaper On Thursday, Pressured In NY Session


TYH3 deals at 113-04, +0-03, in line with levels seen late in late NY trading.

  • Cash Tsys finished Thursday 5-7bp cheaper across the major benchmarks.
  • 2s10s inversion printed a fresh cycle low of -87.19bps before moderating in late trade, as a weak 30-Year auction pulled the curve off session flats.
  • In terms of details, the 30-year auction tailed by ~3bps pressuring Tsys, indirect take up fell, dealer takedown moved higher and a weaker than average bid/cover ratio was observed.
  • TYH3 bounced ahead of technical support at 112-29 (76.4% retracement of Dec 30-Jan 19 bull run), with 113-00 holding.
  • Richmond Fed President Barkin noted it's important to continue hiking to rein in inflation.
  • The RBA SoMP and CPI/PPI data from China headline today's Asia-Pac session. Further out we have UK GDP, the Canadian labour market report and UoM consumer sentiment survey. Elsewhere, Fedspeak from Gov Waller and Philadelphia Fed President Harker will cross.

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