Little Changed In Asia

TYH3 deals at 115-11, -0-04+, a touch off the base of its 0-06 range on volume of ~106K.

• Cash Tsys sit little changed across the major benchmarks.
• Tsys richened at the margins in early Asia trading as regional participants reacted to Fed Chair Powell's post-meeting comments re: the disinflation process beginning.
• The richening held until cross-market pressure, likely stemming from JGBs in lieu of a soft 10-year JGB auction, saw Tsys retreat from session highs.
• Asia-Pac flow was headlined by a 3K block buyer of TYH3, with some downside screen interest noted via the TYH3 115.00/114.50 put spread (+3K).
• In London hours we have the BoE & ECB monetary policy decision, as well as ECB President Lagarde's post-meeting press conference, which presents plenty of scope for cross-market-driven gyrations. Further out U.S. Factory Orders, Initial Jobless Claims and Durable Goods will cross.