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Marginally Richer On Thursday, NFP On Tap

US TSYS

TYZ3 deals at 110-29, -0-04, in line with late NY levels.

  • Cash tsys finished 1-2bps richer across the major benchmarks, the wings marginally outperformed.
  • Tsys observed narrow ranges yesterday with little follow through on moves, the proximity to today's NFP perhaps limited activity in the space.
  • The latest round of US data was broadly in line with consensus, tsys were briefly pressured after the PCE data however losses were pared and tsys ticked higher in narrow ranges for the remainder of the session.
  • FOMC dated OIS remain stable, a terminal rate of 5.45% is seen in November with ~65bps of cuts by July 2024.
  • China's Caixin Mfg PMI provides the highlight in Asia today. Further we have the August NFP print, the MNI preview is here. ISM Mfg also crosses.
  • Fedspeak from Atlanta Fed President Bostic and Cleveland Fed President Mester is also due.
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