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Early Cheapening Marginally Extends

US TSYS

TYH3 deals at 112-14+,0-00+, a touch off the base of its narrow 0-03 range on light volume of ~22k.

  • Cash tsys deal 1 to 2 bps cheaper across the major benchmarks today with the long end of the curve leading the move.
  • The early cheapening marginally extended in the Asian afternoon, with no headline drivers, local participants have faded the move higher in tsys seen yesterday in the European and NY sessions.
  • Cross asset flows show a mild risk-off tone developing, with the JPY and USD both firmer and US Equities futures softer. WTI is ~0.3% firmer.
  • In Europe today we have a thin docket, further out MNI Chicago PMI provides the main point of interest on the last trading day of the year.

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