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Narrow Ranges In Asia, FOMC In View

US TSYS

TYU3 deals at 111-24, +0-04+, a 0-04+ range has been observed on volume of ~61k.

  • Cash tsys sit little changed from opening levels across the major benchmarks.
  • Tsys have observed narrow ranges in Asia with little follow through on moves, perhaps the proximity to today's FOMC rate decision limited activity.
  • Flow-wise the highlight was a block seller in FV (2,177 lots).
  • FOMC dated OIS remain stable, a 25bps hike is priced into today's meeting. A terminal rate of 5.44% is seen in November with ~60 cuts by June 2024.
  • There is a thin docket in Europe today, before the FOMC rate decision is due further out. The MNI preview of the event is here. June Home Sales will also cross .

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