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Marginally Richer In Asia

US TSYS

TYU3 deals at 112-02, -0-02+, a 0-09 range has been observed on volume of ~80k.

  • Cash tsys sit 0.5-3bps richer across the major benchmarks, the curve has bull steepened.
  • Tsys firmed off session lows as risk sentiment improved in Asia as participants digested yesterday FOMC rate decision and Fed Chair Powell's press conference.
  • The move in Tsys was seen alongside pressure on the USD, BBDXY is down ~0.2%, and US Equity Futures and Regional Equities moving higher.
  • Tsys dealt in narrow ranges with little follow through for the remainder of the session.
  • FOMC dated OIS remains stable, a ~5.4% terminal rate is seen in November with ~60 bps of cuts to June 2024.
  • The latest monetary policy decision from the ECB headlines in Europe today. Further out we have US GDP, durable goods orders, initial jobless claims and wholesale inventories. The latest 7-Year Supply is also due.
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