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Little Changed In Muted Asian Session

US TSYS

TYZ3 deals at 109-25, unchanged from Monday's settlement levels, a 0-03+ range has been observed on volume of ~43k.

  • Cash tsys sit little changed across the major benchmarks.
  • Tsys have observed narrow ranges on Tuesday with little follow through on moves, perhaps the proximity to tomorrow's CPI print is limiting activity.
  • Little meaningful macro news flow crossed.
  • FOMC dated OIS remain stable, a terminal rate of 5.45% is seen in November with ~50bps of cuts by July 2024.
  • The UK Labour Market Report headlines in Europe, further out the only data of note today is NFIB Small Business Optimism. We also see the latest 10-Year Supply.

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