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Curve Flattens In Asia

US TSYS

TYH3 deals at 110-28+, -0-01, operating in a limited 0-06 range on volume of ~70K.

  • Cash Tsys sit 2bps cheaper to 1bp richer, the curve has twist flattened pivoting around 10s, with Friday's post-PCE flattening impulse ultimately proving somewhat sticky.
  • Asia-Pac participants faded Friday's post-PCE cheapening in early dealing, perhaps using the opportunity to square short positions as we approach month end.
  • The lingering impact of Friday's PCE print then saw Tsys retreat from session highs as the front end of the curve was pressured. However, Friday's lows remain intact in TU futures.
  • We also saw some light steepener flow in the STIR space.
  • Little meaningful macro headline flow was seen through the Asia-Pac session.
  • In Europe today the Eurozone Economic Sentiment Indicator is the highlight of an otherwise thin data calendar, with ECB's Lane & De Cos, as well as BoE's Broadbent, headlining the regional speaker slate. Further out we will see Durable Goods Orders, Pending Home Sales and Dallas Fed Manf Activity. Fedspeak from Governor Jefferson will also cross.
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