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Flat Start To Pre-CPI Asia Trade

US TSYS

Cash Tsys run little changed to 1bp cheaper across the curve, with Asia-Pac participants awaiting the latest round of U.S. CPI data, while there has been little in the way of meaningful macro news flow to digest. TYU2 deals +0-01 at 119-16+, just above the base of the early 0-03 range. Ahead of CPI note that FOMC dated OIS prices in ~70bp of tightening for the September FOMC after Friday’s NFP print allowed the market to re-embed a little extra tightening premium. The terminal rate of this tightening cycle is currently priced at ~3.70% and is expected to be hit in March, per FOMC dated OIS.

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Cash Tsys run little changed to 1bp cheaper across the curve, with Asia-Pac participants awaiting the latest round of U.S. CPI data, while there has been little in the way of meaningful macro news flow to digest. TYU2 deals +0-01 at 119-16+, just above the base of the early 0-03 range. Ahead of CPI note that FOMC dated OIS prices in ~70bp of tightening for the September FOMC after Friday’s NFP print allowed the market to re-embed a little extra tightening premium. The terminal rate of this tightening cycle is currently priced at ~3.70% and is expected to be hit in March, per FOMC dated OIS.