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Light Bear Flattening In Tight Ranges, 30-Year Supply Due Later

US TSYS

The modest Tsy rally that came alongside an early London EGB rally has faded.

  • EGBs are off session highs and gilts are under some light pressure.
  • TYM4 last unchanged at 111-05+, in a narrow 111-04+ to 111-10+ range.
  • Tsy yields are little changed to 1.5bp higher with the curve bear flattening.
  • FOMC-dated OIS shows ~81bp of ’24 cuts, with yesterday’s post-CPI move extending a little.
  • ~19bp of cuts are priced through June.
  • 30-Year Tsy supply headlines the U.S. schedule today. That comes after weaker demand at yesterday’s 10-Year auction & Monday’s well-received 3-Year offering.
  • The pre-FOMC Fedspeak blackout period continues.
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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