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Light Pressure As Bowman Points To Potential For Further Hikes

US TSYS

Comments from Fed Governor Bowman, noting that the recent economic data have not provided evidence that inflation is on a clear downward path and the Federal Reserve may need to tighten monetary policy further, bias Tsys cheaper in recent trading. That leaves the major benchmarks 0.5-1.5bp cheaper across the curve, with intermediates leading the weakness. TYM3 (and the broader space) trades to fresh session cheaps, although the moves settle off of extremes. FOMC-dated OIS nudges a couple of bp higher across the strip.

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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