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Firmer & Steeper, TY Capped By Technical Resistance

US TSYS

Tsys remain underpinned as Thursday’s developments in the U.S. banking sector continue to reverberate, with the impending slate of risk events providing an extra layer of caution. TYM3 last prints at 111-31+, 0-16 firmer on the day, 0-03+ off best levels, with the session high representing technical resistance in the form of the 24 February high. A break is need there for bulls to shift their focus higher. Cash Tsys are 2-7bp richer, with bull steepening in play. SOFR activity continues to run at an elevated pace, with the front end of the reds still leading on the strip (18.0bp of richening seen there at present, also operating a shade off best levels).

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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