Further Away From Session Lows

Cash Tsys extend their move away from session lows, with the major benchmarks running 2.0-2.5bp richer on the day as 20s outperform. There hasn’t been much in the way of meaningful headline flow to drive market activity thus far, with some desks pointing to a bit of a regional willingness to fade Thursday’s weakness (with yesterday’s move perhaps partially driven by the unwind of some long positioning, given the nature of the move/news backdrop, in addition to concession ahead of and subsequent weakness in the wake of 30-Year Tsy supply). TYU2 last deals +0-04+ at 119-07+, which represents fresh session highs. Market flow has been headlined by the previously noted ~5K screen lift of the FVU2 113.00 calls.