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Early Cheapening Holds In Asia

US TSYS

TYH3 deals at 113-14, +0-01, a touch off the base of its 0-07+ range on volume of ~106K.

  • Cash Tsys sit 1-2bps cheaper across the major benchmarks.
  • Asia-Pac participants faded yesterday's late NY bid, with the latter aided by a report noting the G7 is mulling sanctions for Chinese firms aiding the Russian military, as well as more attractive entry points after a pullback from previous highs which were registered after the latest 10-Year Tsy auction stopped through.
  • The early cheapening held through the session.
  • A block buy of TU futures (+5.5K) did little to generate wider demand in the space.
  • Pressure briefly extended late in the session as JGBs spiked lower on headlines from Japan noting that the ruling LDP would be divided if Kishida seeks a BOJ pivot.
  • National CPI from Germany and an appearance by BoE figures at a Treasury committee provide the highlights in Europe today. Further out, Initial Jobless Claims headlines a thin NY docket, we also have the latest 30-Year Tsy Supply.

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