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Cheaper Start, Ranges Narrow

US TSYS

Cash tsys have opened dealing ~1bp cheaper across the major benchmarks, light bear steepening is apparent. Participants have faded yesterday's richening, perhaps using the opportunity to exit long positions/add fresh shorts. A reminder Tsys firmed alongside EGBs yesterday, extending gains after the 5-Year auction.

  • TYZ3 deals at 108-30, -0-02, a 0-03+ range has been observed this morning.
  • A thin docket in Asia today leaves participants on headline watch.

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