Marginally Cheaper In Asia

TYZ3 deals at 108-03, -0-02+, a 0-06+ range has been observed on volume of ~97k.

• Cash tsys sit ~2bps cheaper across the major benchmarks.
• Tsys were pressured in early dealing as the move lower seen yesterday continued in early dealing. The USD ticked higher and US Equity Futures fell.
• Support was seen in TY ahead of the 108-00 level. Ranges were narrow for the remainder of the session with little follow through on moves.
• Federal Reserve Bank of Minneapolis President Kashkari said he expects the US central bank will need to raise interest rates one more time this year and keep policy tighter for longer if the economy is stronger than expected.
• There is a thin docket in Europe today, further out we have US new home sales and Conference Board consumer confidence, Fedspeak from Gov Bowmen is due. We also have the latest 2 Year Supply.