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Light Twist Flattening Apparent In Early Trade

US TSYS

Cash Tsys are 1.5bp cheaper to 0.5bp richer in early trading, the front end is leading the weakness, with light twist flattening apparent, as the curve pivots around 20s. TYH3 deals at 113-30+, a touch off the base of its early, narrow 0-03+ range.

  • U.S. Treasury Secretary Yellen has said in a CBS 60 Minutes interview that whilst there is a risk of recession it isn't something that will necessarily bring inflation down. She also noted that she thinks by year end 2023 we’ll see "much lower inflation".
  • A thin data calendar leaves participants on headline watch.

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