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Light Pressure, Ranges Limited

US TSYS

T-Notes still operating within the confines of a narrow 0-04+ range, last +0-02 at 133-19+, sticking within the upper echelons of Tuesday's range but off of late NY highs, with cash Tsys bear steepening as 30s cheapen by ~2.5bp. The modest pressure comes against the backdrop of an uptick in both e-minis and the major Asia-Pac equity indices, which are likely drawing some support from the previously flagged adjustment to the Biden administration's COVID vaccination timeline guidance and suggestions from the analytic community re: the potential for the PBoC to conduct a targeted RRR cut in March.

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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