Narrow Ranges In Asia

TYU3 deals at 111-14+, +0-01+, a range of 0-04+ has been observed on volume of ~57k.

• Cash tsys sit flat to 2bps richer across the major benchmarks, light bull steepening is apparent.
• Tsys have firmed to session highs in recent dealing, a rally in ACGB's lieu of the RBA maintaining the cash rate at 4.10% has spilled over into the wider space. Ranges do remain narrow and the move has had little follow through thus far.
• Earlier in the session tsys were muted, little meaningful macro news flow crossed and moves were limited.
• FOMC dated OIS remain stable, a terminal rate of ~5.40% is seen in November. There are ~55bps of cuts priced to June 2024.
• The docket is thin in Europe today. Further out we have a slew of US data including JOLTS Job openings and ISM Mfg Survey. Fedspeak from Chicago Fed President Goolsbee crosses.