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US TSYS

TYH2 hovers around late NY levels, last +0-00+ at 132-24.

  • To recap, T-Notes edged away from worst levels during the NY afternoon, as Tsys regained some poise during a very limited (tight range, low volume) session. Cash Tsys were flat to 1.5bp richer across the curve at the end of Wednesday’s session, flattening at the margin.
  • A reminder that Wednesday represented the final full trading day ahead of Christmas (ahead of shortened cash & futures sessions Thursday, while both markets are closed on Friday).
  • Stronger than expected final Q3 GDP & consumer confidence data failed to impact the space.
  • Equities benefitted from studies pointing to lower hospitalisation risks when it comes to the omicron COVID strain (when compared to the delta mutation), while the FDA granted emergency authorisation for Pfizer’s COVID pill, which is set to “revolutionise” treatment when it comes to the virus. The modest headline-driven cheapening witnessed in Tsys was quickly reversed.
  • There isn’t anything in the way of tier 1 risk events slated for Asia-Pac dealing. Meanwhile, U.S. hours will see the release of the PCE suite, durable goods data, weekly jobless claims, existing home sales and final UoM sentiment readings.
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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