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Marginally Firmer, Ranges Limited On MLK Day

US TSYS

TYH3 deals at 114-25+, +0-01, in the middle of its 0-06 range on volume of ~46K.

  • Cash Tsys are closed today due to the MLK Day holiday, limiting activity in futures.
  • Futures dealt in a narrow range in a muted start to the week's trade, before a general bid in JGBs spilled over, allowing futures to firm off session lows before moderating gains.
  • There hasn't been much in the way of macro headline flow to digest over the weekend, with Minneapolis Fed President Kashkari ('23 voter) pointing to sticker shock inflation in the local press, while there were some suggestions in the Japanese press that most within the BoJ look for no change in policy settings when the central bank convenes later this week.
  • Comments from ECB's de Cos & BoE's Bailey (on financial stability) headline a limited global docket on Monday.

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