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Cheaper Start

US TSYS

Cash Tsys have opened dealing 0.5-1bp cheaper in a muted start. TYH3 deals at 115-18+, -0-02, with a narrow 0-03 range observed so far.

  • Comments from NY Fed President Williams continue to filter out as we type. He noted there is still more work to do to tame inflation and that it made sense for the Fed to slow rate rises in December. He reiterated themes observed in recent communique in that the Fed has a way to go on rate rises, while not being drawn into a specific call re: the size of the hike that should be deployed at the next FOMC, alluding to market pricing that is "roughly consistent" with Fed's rate outlook.
  • Participants will have one eye on JGB gyrations, as post-BOJ positioning continues.

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