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Marginally Cheaper In Asia, CPI On Tap

US TSYS

TYZ3 deals at 108-02, +0-04, a 0-05 range has been observed on volume of ~65k.

  • Cash tsys sit ~1bp cheaper across the major benchmarks.
  • Tsys ticked away from early session highs, there was no obvious headline driver for the move lower; perhaps local participants used the recent richening to close long positions ahead of today's CPI print.
  • The move lower didn't follow through with the proximity to todays CPI print limiting activity and tsys held cheaper in narrow ranges for the remainder of the session.
  • FOMC dated OIS remain stable pricing a terminal rate of 5.40% in December with ~60bps of cuts by September 2024.
  • The highlight of today's session is the aforementioned CPI print, we also have Fedspeak from Logan, Bostic and Collins as well as the latest 30-Year Supply.
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