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Marginally Firmer In Asia

US TSYS

TYM3 deals at 115-10, +0-04+, a touch off the top of the 0-05 range on volume of ~55k.

  • Cash tsys sit 1-2ps richer across the major benchmarks, the curve has bull steepened.
  • Tsys firmed off session lows as the USD trimmed early gains, however moves have been limited on Tuesday with little follow through.
  • Early in the session there was a muted start to the day's trading as local participants digested yesterday's corporate issuance driven cheapening as well the latest quarterly NY Fed quarterly loan officers survey.
  • President Biden and top congressional leaders will gather at the White House for debt ceiling talks. It will be the first meeting between House Speaker Kevin McCarthy and Biden on the issue since February.
  • There is a thin docket in Europe today. Further out Redbook Retail Sales Index and IBD/TIPP Optimism Index will cross. On the wires we also have Fedspeak from Fed Governor Jefferson and NY Fed President Williams as well as the latest 3 Year supply.

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