Consolidation In Asia

T-Notes dealt around unchanged levels for the duration of Asia-Pac trade, operating around late NY highs, last -0-01+ at 131-20+. Cash Tsys print around 0.5bp cheaper across the curve. Flow was headlined by a 10.0K block seller of the TYM1 133.00 calls, with a lack of notable headlines evident.

• The belly of the cash curve outperformed on Tuesday, with the 5- to 7-Year zone of the curve richening by ~5bp come the bell, even as swappable supply provided some (modest) late pressure. Monday's questions re: the fiscal dynamic in the U.S., centring around moderate Democratic Senator Manchin, were seemingly supportive, allowing the space to pull further away from Friday's post-NFP cheaps as London and European participants returned from the Easter holiday. NY flow was headlined by a 5.0K block buy of TYM1.
• The minutes from the most recent FOMC decision and a deluge of Fedspeak headline locally on Wednesday.