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Moderately Richer On Wednesday

US TSYS

TYU3 deals at 113-08+, +0-00+, in line with late NY levels.

  • Cash tsys finished 4-6bps richer across the major benchmarks, the belly led the bid.
  • Tsys extended moderate gains after the latest 7-Year Supply was well received. A strong bid/cover ratio and indirect take up were observed.
  • Earlier in the session tsys were briefly pressured after Chair Powell noted at an ECB forum that consecutive rate hikes were not off the table.
  • The latest round of US data saw Retail Inventories print firmer than expected, Wholesale Inventories and Advance Goods Trade Balance were in line with expectations.
  • FOMC dated OIS price a terminal rate of ~5.35% in November. There are ~75bps of cuts priced for 2024.
  • There is a thin docket in Asia-Pac today. Further out US GDP and Initial Jobless Claims are due. Fed Chair Powell take part in a discussion at the Bank of Spain, and Fedspeak from Atlanta Fed President Bostic will cross.
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