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Dip Buying In Asia

US TSYS

T-Notes last -0-01+ at 138-28, after the contract unwound the after-settlement losses seen in late NY trade. Cash has richened by 0.2-1.2bp across the curve, as some point to the recent theme of regional Asia-Pac (namely Japanese) interest to buy 30s when yields move above 1.50%, in addition to some profit taking on shorts after long end yields' multi-month ranges were broken, in addition to antitrust worries for U.S. big tech. A 5.0K buyer of TU futures also helped support the space. Elsewhere, U.S. President Trump returned to the White House, although he is under close medical observation, with very limited personal access evident.

  • Monday's saw fiscal prospects & an upturn in Trump's health pressure the complex, allowing the curve to steepen & longer dated yields to break out of their recent multi-month ranges. 30-Year yields broke above their 200-DMA for the first time since Mar '19, with the benchmark ultimately closing above that metric. On the flow side, a TYZ0 block sale added some pressure in the NY morning, although real money buying in cash 2s, 10s & 20s cushioned at the margin. A better than exp. services ISM reading also played into the narrative, as did focus on the upcoming 3-, 10- & 30-Year Tsy supply. Finally, late Monday saw Fed's Mester express a desire for some optionality re: the weighted average maturity of the Fed's Tsy holdings.
  • 3-Year supply as well as Fedspeak from Powell, Harker, Bostic & Kaplan headline Tuesday.
    • MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
    BulletMarketsFixed Income Bullets
    MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
    BulletMarketsFixed Income Bullets

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