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Curve Flatter In Asia

US TSYS
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TYM3 deals at 114-11, +0-05, a touch off the top of the 0-10+ range on volume of ~115k.

  • Cash tsys sit 1bps cheaper to 2 bps richer across the major benchmarks. The curve has twist flattened pivoting on 3s.
  • Tsys were marginally cheaper at the open as Asia-Pac participants digested yesterday's cheapening driven by the $30bn rescue package from First Republic and the associated Fed rate pricing adjustments in OIS markets.
  • Losses extended as FOMC dated OIS saw the terminal rate tick higher and rate cut expectations for 2023 moderate.
  • Tsys firmed off session lows as firmer regional equities boosted risk appetite and weighed on the USD.
  • The bid marginally extended as news of a meeting of Japan's MOF, FSA and the BOJ which will in part cover the collapse of SVB.
  • Fed dated OIS pricing now sees a terminal rate in May of ~5%, with ~75bps of cuts in 2023.
  • In Europe today the final read of Eurozone CPI headlines an otherwise thin docket. Further out Industrial Production and UofMich consumer sentiment will cross.
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TYM3 deals at 114-11, +0-05, a touch off the top of the 0-10+ range on volume of ~115k.

  • Cash tsys sit 1bps cheaper to 2 bps richer across the major benchmarks. The curve has twist flattened pivoting on 3s.
  • Tsys were marginally cheaper at the open as Asia-Pac participants digested yesterday's cheapening driven by the $30bn rescue package from First Republic and the associated Fed rate pricing adjustments in OIS markets.
  • Losses extended as FOMC dated OIS saw the terminal rate tick higher and rate cut expectations for 2023 moderate.
  • Tsys firmed off session lows as firmer regional equities boosted risk appetite and weighed on the USD.
  • The bid marginally extended as news of a meeting of Japan's MOF, FSA and the BOJ which will in part cover the collapse of SVB.
  • Fed dated OIS pricing now sees a terminal rate in May of ~5%, with ~75bps of cuts in 2023.
  • In Europe today the final read of Eurozone CPI headlines an otherwise thin docket. Further out Industrial Production and UofMich consumer sentiment will cross.