Either Side Of Unchanged

TYM4 sticks within the Asia-Pac range (111-11 to 111-17+), last +0-01 at 111-16+.

• Contract comfortably off yesterday’s high (111-23).
• Tsy yields are little changed to 1bp lower across the curve.
• The presence of EGB supply helped limit any rallies, but that now passed, with decent demand metrics.
• That, coupled with fresh geopolitical risk-related headlines, allow Tsys to rally a little.
• Fed Chair Powell will appear again today, although don’t expect too much fresh information after yesterday’s appearance.
• Additional Fedspeak will come via a couple of appearances from Mester.
• FOMC-dated OIS sticks to familiar ranges. 21bp of cuts priced through the June meeting, 86bp of cuts through ’24 on the whole.
• Elsewhere, weekly jobless claims data and final Q4 unit labour cost readings are due.
• Eyes will also be on any spill over from the latest ECB decision.