Free Trial

Narrow Ranges On Monday

US TSYS

TYZ3 deals at 109-24+, -0-00+, in line with late NY levels.

  • Cash tsys finished flat to 4bps richer across the major benchmarks, the curve bear steepened.
  • Tsys observed narrow ranges with little follow through on moves through the session. NY Fed's 1-Year Inflation expectations ticked marginally higher in August, however there was a muted reaction to the release.
  • The latest 3-Year Supply tailed, this was the first tail since Feb 7. The bid/cover ratio and indirect take up both fell in a mildly weak auction.
  • FOMC dated OIS remain stable, a terminal rate of 5.45% is seen in November with ~50bps of cuts by July 2024.
  • There is a thin docket in Asia today, further out the only data of note today is NFIB Small Business Optimism with Wednesday's CPI in view. We also see the latest 10-Year Supply.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.