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Marginally Richer In Asia, Fed In View

US TSYS

TYM3 deals at 114-09, +0-05, with a 0-08 range observed today on volume of ~91k.

  • Cash tsys sit 1-4bps richer across the major benchmarks, the curve has steepened
  • In early dealing, Asia-Pac participants faded yesterday's cheapening, perhaps using the opportunity to square short positions ahead of today's FOMC rate decision.
  • The bid marginally extended on reports that US bank First Republic may need government support to encourage buyers for the troubled bank.
  • Further support was seen as USD/JPY was offered after testing resistance level at ¥132.65, the high from 20 March, which spilled over into mild USD weakness. However there was little follow through in the move and tsys ticked away from session highs.
  • FOMC dated OIS currently price a 20bps hike for today's meeting, with a terminal rate of ~4.95% seen in May. There are ~65bps of cuts priced for 2023.
  • In Europe today UK CPI and ECB speak from Lagarde headlines. However the Fed rate decision and Powells post meeting press conference are today's highlights; our preview is here.
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