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Flat To Incrementally Firmer On The Day

US TSYS

Cash Tsys sit flat to 1bp richer, as firmer than expected UK retail sales (albeit with negative revisions) and a modest move away from session lows in e-minis/the Hang Seng (although both remain comfortably lower on the day) become apparent over the last hour or so. TYU3 is +0-02, hovering around the middle of a contained 0-06 range.

  • The 2-/10-Year and 5-/30-Year yield spread operate at/near post-SVB meltdown inverted extremes.
  • Firmer than expected Japanese CPI data did little for Tsys overnight, with flash PMI prints from across the globe and the latest raft of central bank speak eyed ahead of the weekend.
  • ~27bp of tightening is priced into the FOMC-dated OIS strip through November, followed by ~18bp of cuts through the January gathering (vs. current terminal rate 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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