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Muted Session On Monday

US TSYS

TYU3 deals at 112-20+, -0-02+, in line with late NY levels.

  • Cash tsys finished flat to 3bps richer across the major benchmarks, the front end of the curve leaf the bid.
  • In a muted session on Monday Tsys respected recent ranges with little follow through on moves with light volumes observed.
  • Tsys retreated from session highs after firmer than forecast Empire Manufacturing, which was the only data of note due on Monday. A recovery in Tsys through the NY sesseion was seen alongside a bid in US Equities.
  • FOMC dated OIS remain stable, a terminal rate of 5.40% is seen in November with ~60bps of cuts by June 2024.
  • There is a thin docket in Asia today with just the RBA minute of the July Policy Meeting due. Further out we have retail sales, industrial production and business inventories.
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