MNI China Daily Summary: Monday, July 29

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Consolidating After Flattening

US TSYS

A distinct lack of headline flow leaves T-Notes in a tight 0-01+ range during the early round of Asia-Pacific dealing, with the contract last -0-01 at 139-13.

  • This comes after the curve bull flattened on Tuesday, aided by a round of 20-30 Year buying from the Fed, with the weakness unwound as we moved through NY trade.• Stronger than expected ISM m'fing data saw T-Notes hit worst levels before a sharp bounce, with the contract going out just shy of best levels.
  • The latest round of comments from Fed Governor Brainard also received some attention as she noted that "with the recovery likely to face COVID-19-related headwinds for some time, in coming months, it will be important for monetary policy to pivot from stabilization to accommodation."
  • Eurodollar futures print unchanged to -0.5 through the reds.
  • Little to really wet the whistle in terms of tier one risk events in Asia-Pac hours, so focus will fall on the broader headline and market flows evident in the timezone.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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