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Bull Flattening, 30-Year Supply Eyed

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Modest Twist Flattening In Asia

US TSYS

Cash Tsys have seen some light twist flattening in Asia-Pac hours, with a lack of meaningful headline flow to trade off, leaving the major benchmarks running 1.5bp cheaper to 0.5bp richer across the curve, pivoting around 20s.

  • TYZ2 trades within the confines of a narrow 0-06 range established early in Asia-Pac dealing, operating around the midpoint of Thursday’s range.
  • Fedspeak from Daly (’24 voter) didn’t move the needle, as she flagged her support for the higher for longer mantra adopted at the Fed, alongside its resoluteness in the fight against inflation.
  • Elsewhere, mixed Chinese PMI data failed to impact wider markets.
  • Gilt trade will once again be eyed as a probable tone-setter during the London morning, as fiscal (and related BoE) matters in the UK continue to dominate.
  • NY hours will see PCE readings, the latest MNI Chicago PMI print and the final UoM survey for Sep. Fedspeak will consist of addresses from Brainard, Bowman, Williams & Barkin.
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Cash Tsys have seen some light twist flattening in Asia-Pac hours, with a lack of meaningful headline flow to trade off, leaving the major benchmarks running 1.5bp cheaper to 0.5bp richer across the curve, pivoting around 20s.

  • TYZ2 trades within the confines of a narrow 0-06 range established early in Asia-Pac dealing, operating around the midpoint of Thursday’s range.
  • Fedspeak from Daly (’24 voter) didn’t move the needle, as she flagged her support for the higher for longer mantra adopted at the Fed, alongside its resoluteness in the fight against inflation.
  • Elsewhere, mixed Chinese PMI data failed to impact wider markets.
  • Gilt trade will once again be eyed as a probable tone-setter during the London morning, as fiscal (and related BoE) matters in the UK continue to dominate.
  • NY hours will see PCE readings, the latest MNI Chicago PMI print and the final UoM survey for Sep. Fedspeak will consist of addresses from Brainard, Bowman, Williams & Barkin.