Holding Cheaper, Looking Through Headline Flow & Bid In Chinese Equities
Little to really add in terms of meaningful macro headline flow, with Tsy Sec Yellen & a White House official providing a bit of a U.S. pre-amble ahead of the impending Biden-Xi meeting, which hasn’t really moved the needle for the Tsy space. The same has held true for the early bid in Chinese equities, driven by the previously alluded to property market stimulus. That leaves Cash Tsys 5.5-8.0bp cheaper across the curve, with intermediates still leading the weakness. TYZ2 is -0-09+ at 112-00+ dealing around the middle of its session range.