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US TSYS

Cash Tsys have opened 1-3bps cheaper across the major benchmarks with some light bear flattening observed. Asia-Pac participants add to the the NY weakness in lieu of Fed Chair Powell's remarks at his Senate appearance. TYM3 deals at 110-27, -0-03+, at the base of its early 0-04+ range.

  • Pockets of screen selling in TU, FV and TY futures came alongside the cash open.
  • There is a thin data calendar in Asia-Pac hours leaving participants to digest Powell's hawkish rhetoric (he will appear on the Hill again on Wednesday).

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