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Curve Steepens At Open

US TSYS

Cash tsys have opened 9bps richer to 5bps cheaper, the curve has twist steepened pivoting on 5s. Asia-Pac participants are digesting the evolving SVB situation this morning. To recap, the Fed have created a new funding operation to stem the risk of a run on deposit taking institutions and Fed, US Treasury and FDIC noted in a joint statement that SVB depositors would be made whole.

  • TYM3 is pressured, having pared early gains to sit at 112-27+, -0-09, a touch off the base of the observed 1-11 range.
  • US Equity futures are firmer in Asia, S&P500 e-minis are up ~1.4%.
  • Participants will be on headline watch for any further developments in the evolving SVB situation.

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