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Light Richening Develops


A light richening has developed in Tsys, although ranges remain very tight, with the major cash benchmarks running 0.5-1.5bp firmer. TYH3 deals at 114-26, shy of the top of its 0-04+ range. There hasn't been any meaningful macro headline flow, with the lingering impulse from the softer round of CPI data keeping the space supported pre-Fed.

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