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Following On From Narrow U.S. Trade

US TSYS

T-Notes tight at the re-open, -0-00+ at 136-22+, after the contract stuck to a tight range on Tuesday.

  • The curve twisted flatter come the close on Tuesday, with some light outperformance in the belly, although the space pulled back from richest levels. This week's coupon supply got underway, with 3s stopping on the screws, as the cover ratio fell back in line with the 6-auction average, while dealer participation ticked lower as direct bidder takedown nudged higher.
  • In terms of positioning, J.P.Morgan's all client survey pointed to the shortest overall Tsy positioning seen since the latter half of 2018.
  • There is little in the way of market moving catalysts slated on Wednesday's Asia-Pac docket, with a fair chunk of regional desks winding down ahead of the Lunar New Year holiday.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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