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Free AccessCurve Flattens In Asia
TYM3 deals at 113-18+, 0-09, with a 0-12 range observed on volume of ~115k.
- Cash tsys sit 6bps cheaper to 2bps richer across the major benchmarks. The curve twist flattened pivoting around 5s.
- Tsys were cheaper in early trade, as Asia-Pac participants digested yesterday's CPI print, as well as a moderation in concerns over the US banking sector. Weakness in JGBs also weighed on the space.
- The tsy curve built on the flattening momentum seen on Tuesday as tsys moved off session cheaps.
- Fed dated OIS have remained stable in the Asian session, there are ~20bps of hikes priced into next week's FOMC meeting. The terminal rate is seen at ~4.95% in May with ~60bps of cuts priced into 2023.
- There wasn’t much in the way of net impact on Tsys in the wake of the release of the monthly Chinese economic activity data.
- Fed Governor Bowman noted early in the session that the US Banking system is resilient and on solid footing.
- Final read of French CPI, UK Budget and EU Industrial Production headline in Europe. Further out we have Business Inventories, Retail Sales, PPI and Empire Manufacturing.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.