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Marginally Richer In Muted Asian Session

US TSYS

TYM3 deals at 114-00, +0-02+, with a 0-03+ range observed on volume of ~73k.

  • Cash tsys sit ~1bp richer across the major benchmarks.
  • Tsys have observed narrow ranges with little follow through in a muted Asian session. Little meaningful macro news flow crossed.
  • FOMC dated OIS price ~8bps of hikes in June with a terminal rate of 5.16%, there are ~50bps of cuts priced for 2023.
  • In Europe today German PPI is the highlight of an otherwise thin docket. Fedpseak from Fed Chair Powell, NY Fed President Williams and Gov. Bowman will cross.

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