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Marginally Cheaper In Asia

US TSYS

TYZ3 deals at 107-26+, -0-01, a 0-05 range has been observed on volume of ~68k.

  • Cash tsys sit ~2bps cheaper across the major benchmarks.
  • Tsys have ticked lower, albeit in narrow ranges, through today's Asian session with participants perhaps using Thursday's richening as an opportunity to enter fresh short positions.
  • There was little reaction to Feds Barkin who noted that policymakers have time to determine if they need to do more work to cool inflation and that the labour market may offer some insight.
  • On the docket today we have US consumer spending, wholesale inventories and University of Michigan consumer sentiment.

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