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Muted Start, Curve Marginally Steeper On Friday

US TSYS

TYU3 deals at 114-14, +0-03, in line with levels seen late in Friday's NY session in a muted start to Monday's trade.

  • Cash tsys finished 3-6bps richer on Friday across the major benchmarks, the curve bull steepened.
  • Tsys firmed through Friday's European session erasing Asia's post-BOJ losses as risk sentiment improved.
  • Gains briefly extended as the Q2 Employment Cost Index was a touch softer than expected, however the move didn't follow through. Tsys observed narrow ranges for the remainder of Friday's trade.
  • FOMC dated OIS remain stable; a terminal rate of 5.40% is seen in November with ~50bps of cuts by June 2024.
  • The highlight of the week's docket is Tuesday's ISM Survey and Friday's July NFP Print.

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