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Extend Friday’s Post-Payrolls Weakness in Asia-Pac Trade


TYU3 is sitting at Asia-Pac cheaps at 113-18+, -8+ from NY closing levels.

  • Cash tsys are 1.6-4.9bp cheaper across benchmarks in Asia-Pac trade.
  • With the Asian calendar, local participants are likely on headlines watch.
  • With a debt ceiling deal freshly inked, the US Treasury is about to unleash a tsunami of new bonds to quickly refill its coffers. This will be yet another drain on dwindling liquidity as bank deposits are raided to pay for it — and Wall Street is warning that markets aren’t ready. (link)

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