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Marginally Richer In Asia

US TSYS

TYH3 deals at 111-15+, +0-01+, a range of 0-06 has been observed on volume of ~118K.

  • Cash Tsys sit flat to 2bps richer across the major benchmarks, the curve flattened.
  • Tsys largely tracked gyrations in JGBs as BOJ Governor Nominee Ueda faced parliament, an early bid spilled over seeing TY briefly look through yesterday's high.
  • There was little follow through and Tsys retreated off best levels, dealing in a narrow range for the remainder of the session.
  • BOJ Governor Nominee Ueda's comments were balanced, noting that there was no need for an immediate policy adjustment whilst also flagging the conditions that would facilitate the need for such a move in the future which capped gains in JGBs.
  • BOJ-aside little meaningful macro headline flow crossed.
  • The NY docket consists of a slew of U.S. data, including personal income/spending, PCE deflator, UofMich consumer sentiment (final) and new home sales. There a number of Fed speakers scheduled to cross, Fed Gov Waller is the highlight.

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