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Futures Pressured On Monday, Cash Re-Opens Today

US TSYS

TYU3 deals at 112-23+, -0-10, in line with levels seen late in yesterday's European session.

  • Cash tsys re-open today after being closed yesterday for the observance of a US holiday.
  • In a shortened session, due to the aforementioned US holiday, TY was pressured in Europe after spillover from Gilts as BOE terminal rate pricing rose to nearly 6% implying a further ~150bps of hikes.
  • TY then dealt in a narrow range with little follow through for the remainder of the session.
  • 1- and 5-Year Loan Prime Rates from China headline in Asia-Pac today. Further out we have Housing Starts and Philadelphia Fed Non-Mfg. Fedspeak from St Louis Fed President Bullard, NY Fed President Williams and VC Barr will cross.

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