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Narrow Ranges In Asia

US TSYS

TYZ3 deals at 108-05+, -0-06, a 0-04 range has been observed on volume of ~98k.

  • Cash tsys sit ~1bp cheaper across the major benchmarks.
  • Narrow ranges were observed in Asia for the most part, there was little follow through on moves and little meaningful macro news flow crossed.
  • Tsys ticked marginally lower in early dealing, firmer Oil weighed at the margins and Friday's richening perhaps gave participants the opportunity to close long positions/add fresh shorts.
  • FOMC dated OIS now price a terminal rate of 5.35% in January, there are ~75bps of cuts priced by Sep 24.
  • The calendar is thin in Europe today, further out we have Fedspeak from Governor Cook.
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