March 20, 2023 00:16 GMT
Cash tsys have opened dealing 2-11 bps cheaper across the major benchmarks, the curve has bear flattened. Local participants are digesting news of the UBS takeover over of Credit Suisse as well as the coordinated Central Bank action to enhance the provision of US Dollar Liquidity.
- TYM3 deals at 115-06, -0-20, a touch off the base of the observed 0-16 range.
- FOMC dated OIS now show ~30bps of hikes in March and May, with the terminal rate now seen at ~4.90%.
- A thin data calendar leaves participants on headline watch today.