March 15, 2023 18:48 GMT
Intraday FI Sell-Off Extends, Maintains Flatter Rates Curve Than US
- 2Y GoCs have seen a modest paring of earlier gains, with 2YY at 3.57% off session lows of 3.45% with almost half that move coming from Credit Suisse talks headlines. It limits the decline in yields to -17bps on the day (with Tsys reducing prior outperformance with -23bps).
- BAX futures also see a recent push lower, but large gains on the day are still led by the BAU3 (+0.28).
- 2023 inversion narrows slightly on the day though, down to -0.26 from -0.31 over the past two days (vs +0.05 mid last week), much smaller than the -0.685 in Eurodollars.