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Light Bear Steepening As China Delivers Expected COVID Restriction Rollback

US TSYS

MNI (Australia) - TYH3 deals at 114-05, just off the base of its narrow 0-06 range on a volume of ~73k.

  • Cash Tsys are dealing flat to 2bps cheaper with some light bear steepening apparent, as Asia-Pac participants push back against the richening moves seen in the NY session. 2s10s inversion has eased at the margin, after registering fresh cycle extremes on Tuesday.
  • Participants looked through COVID headlines from China as daily new case numbers continued to pullback, while the country delivered the widely expected/touted rollback of some of its COVID restrictions (although expectations surrounding that event may have biased the space cheaper overnight, extending the late NY pullback from Tuesday’s richest levels).
  • Softer than expected Australian GDP data failed to impact Tsys.
  • There is a thin docket in Europe today. Further out we have weekly MBA mortgage applications, while the latest BoC decision will create some interest in events north of the border.
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