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Little Follow Through On Early Downside Momentum

US TSYS

There has been modest downside pressure in US TSY futures in the first part of Wednesday trade, but there has been little follow through. We also remain comfortably within Tuesday ranges. TYH4 was last 112-08+, -01, slightly above session lows (112-07+). Volumes so far have been 14.7k.

  • Focus on the downside will be on Tuesday lows at 112-04, which came prior to slightly weaker than expected US data. The early 2024 tone though has been to pare back Fed rate expectations. March cut odds are back to 75%, we were close to 90% late in 2023.
  • There is little in the way of economic data in today's Asia Pac session, which will leave markets on headline watch.
  • Also, a reminder, that there will be no cash dealings in today's Asia-Pac session with Japan closed for a public holiday.
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