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Light Bid In Asia, With Focus On CPI

US TSYS

Tsys saw a bid during early Asia-Pac trade, which was consolidated after desks pointed to regional interest to fade Monday’s cheapening, pre-CPI setup and a block buy of TY futures (+2.5K) as the drivers of the uptick.

  • There was a lack of overt, meaningful headline flow evident during the overnight session.
  • The leaves cash Tsys 2-3bp richer across the curve, with some light bull steepening in play, while TYZ2 deals 0-01+ shy of the peak of its narrow 0-06+ range, on sub-par volume of ~47K.
  • The aforementioned CPI print headlines Tuesday’s NY docket (see our full preview of that release here).
  • Real wage data, the NFIB small business survey and 30-Year Tsy supply are also due Tuesday, with the latter coming on the heels of Monday’s soft 3- & 10-Year auctions (and post-CPI price action).
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Tsys saw a bid during early Asia-Pac trade, which was consolidated after desks pointed to regional interest to fade Monday’s cheapening, pre-CPI setup and a block buy of TY futures (+2.5K) as the drivers of the uptick.

  • There was a lack of overt, meaningful headline flow evident during the overnight session.
  • The leaves cash Tsys 2-3bp richer across the curve, with some light bull steepening in play, while TYZ2 deals 0-01+ shy of the peak of its narrow 0-06+ range, on sub-par volume of ~47K.
  • The aforementioned CPI print headlines Tuesday’s NY docket (see our full preview of that release here).
  • Real wage data, the NFIB small business survey and 30-Year Tsy supply are also due Tuesday, with the latter coming on the heels of Monday’s soft 3- & 10-Year auctions (and post-CPI price action).