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Cleaner Positioning & Impending Event Risk Allows Some Cheapening

US TSYS

T-Notes trade +0-01+ at 132-18 in early Asia-Pac dealing after going out just off worst levels of the day on Monday

  • The major benchmarks across the U.S. cash Tsy curve cheapened by 1.0 to ~5.0bp on Monday, with 7s providing the weak point on the curve. This came as participants positioned for the impending round of 20-Year Tsy supply as well as Wednesday's FOMC decision, after what seemed to be a bit of a positioning washout (with shorts capitulating) last week. A 5,450 lot FV futures block sale also fed into the broader cheapening theme on Monday, as did a relatively busy US$ corporate issuance slate.
  • Elsewhere, there was some focus on the latest 3-Year ahead consumer inflation expectation release from the NY Fed, which saw a multi-year high registered.
  • Broader interest will continue to fall on the setup for the previously listed event risk over the coming days, with the aforementioned round of 20-Year Tsy supply and retail sales data headlining the U.S. docket on Tuesday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income BulletsHomepage

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