Curve Marginally Flattens In Muted Asian Session

TYM3 deals at 115-18, +0-03+, with a 0-04 range on volume of ~65k.

• Cash tsys sit flat to 1.5bps richer across the major benchmarks, the curve is a touch flatter.
• There was a muted start to dealing with cash tsys little changed in early dealing, ranges were narrow with little follow through on moves.
• Tsys marginally richened as USD was marginally pressured as an offer in USD/CNH led the greenback lower.
• Little meaningful macro headline flow crossed through the session.
• FOMC dated OIS price ~18bp hike into the May meeting with a terminal rate of 5%. There are ~65bps of cuts priced for 2023.
• In Europe today we have the final print of French CPI and ECB-speak from Lagarde and Panetta. Further out we have US Retail Sales, Business Inventories, Industrial Production and UofMich Consumer Sentiment. Fedspeak from Chicago Fed President Goolsbee and Fed Governor Waller will cross.