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Longer End Nudges Away From Cheaps As 10s Fail To Establish Move Above 4%

US TSYS

Longer dated Tsys nudge away from session cheaps after 10-Year yields fail to break convincingly through the 4.00% level (there was another brief look above, which lacked follow through), while the front end hangs on to the fresh cheapening observed in Asia-Pac hours. That leaves the major cash Tsy benchmarks running 2-6bp cheaper as the curve bear flattens, while TYM3 is -0-06+ at 110-24, 0-03+ off the base of its 0-11 range. Activity remains comfortably average levels for this time of day, with the previously covered block sales in TU, FV & TY providing the highlights on the flow side thus far. We haven’t received much in the way of fresh macro cues in Asia-Pac hours.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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