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US TSYS: It really was a very narrow Asia-Pac session for the core global FI
space, with little in the way of notable data or news flow to spark markets into
life. That left T-Notes hugging a tight range, last -0-01 at 139-05+, with
yields sitting 0.6-1.4bp cheaper across the curve.
- A reminder that Tuesday saw bull flattening of the curve. Fedspeak was
relatively guarded, with the likes of Bostic pointing to a recent levelling off
of activity. Still it was Vice Chair Clarida's remarks that garnered the most
attention, as he noted that there is "no limit" re: how many bonds the central
bank can buy, as well as pointing to the ability to employ deeper forward
guidance and scope for the Fed's lending backstops to remain in place for as
long as needed.
- Elsewhere, the latest round of 3-Year supply came in virtually on the screws.
The cover ratio eased at the margins, but was in line with the broader recent
averages, while dealer takedown remained below average.
- 10-Year supply and an address from Fed's Bostic headline today.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |