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A much more sedate round of Asia-Pac trade for the global core FI markets on Tuesday, with an uptick/rally for most of the major regional equity indices applying light pressure to the U.S. Tsy space after some modest early richening. T-Notes last -0-02 at 132-04+, holding to a 0-06+ range, while the major cash Tsys run little changed to 1.0bp cheaper across the curve.
- A reminder that T-Notes finished Monday's session a little above NY session lows. The relatively aggressive Asia-Pac flattening of the curve was reversed ahead of NY hours, with equity futures recovering and then pushing higher during NY dealing, allowing the U.S. Tsy curve to steepen on the day. 2s and 3s were little changed at the bell (with 2 rounds of TUU1 block sales witnessed during NY hours, covering a cumulative 11,601 lots), while 30s cheapened by a little over 9.5bp vs. Friday's closing levels. 30-Year swap spreads tightened by the best part of 2.0bp on the day. The broader swathes of Fedspeak (include the pre-release of Chair Powell's Tuesday testimony) revealed little in the way of game changing information, although St. Louis Fed President Bullard (a 2022 FOMC voter) continued to position himself at the hawkish end of the spectrum.
- Existing home sales data and the release of the latest Richmond Fed m'fing index are due to be released later today, while Fedspeak will come from Powell, Daly & Mester. 2-Year Tsy supply is also slated.