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Contained Two-Way Flows To Start

US TSYS

Modest richening kicked in shortly after we wrote about the early modest cheapening, although that impulse has now faded, leaving cash Tsys ~1bp cheaper across the curve as participants struggle to lock into any meaningful impetus as Thursday trade gets underway. TYM3 revisits session lows but continues to operate in a narrow (now 0-04+) range.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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