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Holding Cheaper, Ranges Tight Pre-Powell

US TSYS

Fairly skittish trade observed in the final Asia-Pac session of the week, with most participants seemingly happy to sit on the sidelines ahead of Fed Chair Powell’s Friday address. That has made for narrow ranges, with TYU2 last -0-04+ at 117-20+, while over 50% of that contract’s volume is attributable to quarterly roll activity. Cash Tsys run 0.5-2.0bp cheaper across the curve, with the space unwinding some of Thursday’s richening.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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