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Most Of Data-Related Richening Holds

US TSYS

Tsys hold on to the bulk of their post European & UK PMI richening.

  • That leaves TYU3 +0-12+, 0-02 off the high of its 0-16 range, with volumes running above average for this time of day in the wake of the soft PMI prints flagged above.
  • Cash Tsys are 5-7bp richer on the day, with the 5- to 10-Year zone leading the move.
  • FOMC-dated OIS runs incrementally softer on the day in the wake of the European & UK data, although the moves are very limited. That leaves terminal rate pricing of 5.44%, covering the November meeting, with 45bp of cuts then showing through June ’24.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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