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Front Tsys Push New Highs On Chicago PMI Miss

US TSYS
  • Front Tsys see a minor paring of gains after initially further pushing new session highs as the MNI Chicago PMI landed (40.4 vs cons 47.2 after 48.6), after a sharp push higher as PMI Subscribers received the 0942ET release.
  • 2YY have still now fallen 4bps since the data for -7.5bps on the day, with 2s1s0s +4.5bps on the day at -71.5bps.
  • June FOMC OIS pricing takes a 0.5bp hit on the release, now +14bps and with the July cumulative hike cut a further 2bp to 21bp.

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