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Little Changed In Asia, Fed In View

US TSYS

TYH3 deals at 114-19+, +0-03, operating in a narrow 0-05 range on volume of ~68k.

  • Cash Tsys sit little changed across the major benchmarks.
  • After a muted start Tsys firmed off session lows in the wake of a softer than expected Caixin PMI print.
  • With Asia-Pac participants seemingly content to stay sidelined ahead of this evening's Fed decision moves were limited and Tsys respected tight ranges.
  • Macro headline flow was also light.
  • Today in Europe we have Eurozone final manufacturing PMI and CPI, before a slew of U.S. data including the ISM manufacturing survey and JOLTs job openings. However, the headline risk event is the FOMC rate decision, with a 25bp hike all but priced into OIS markets participants will look to the guidance in Powell's press conference (our preview is here). We will also get the latest quarterly refunding announcement from the Tsy (see our preview of that event here).
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