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Curve Marginally Steeper In Asia

US TSYS

TYU3 deals at 112-28, +0-01+, a narrow 0-03+ range has been observed on volume of ~50k.

  • Cash tsys sit 2bps richer to flat across the major benchmarks, light bull steepening is apparent.
  • Tsys briefly firmed after a rally in ACGB's, in lieu of weaker than forecast inflation, spillover over. However there was little follow through on the move and tsys ticked away from session highs.
  • Narrow ranges were observed for the remainder of the session and little meaningful macro news flow crossed.
  • The data calendar is light in Europe, today's session is highlighted by a panel with Fed Chair Powell, ECB's Lagarde, BOJ's Ueda and BOE's Bailey at the Sintra conference. We also have the latest 7-Year Supply.

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