Narrow Start

Limited movement for Tsys thus far, with the major cash benchmarks running little changed to 0.5bp cheaper in early trade, with nothing in the way of meaningful headline flow evident. TYZ2 sticks within a narrow 0-04 range, last -0-01 at 111-03+.

• Participants continue to assess the impact of BoE Governor Bailey’s well-documented comments made late Tuesday and await Wednesday’s Gilt market open (Bailey’s comments came after Gilt markets closed).
• Elsewhere, USD/JPY has pushed above the levels that triggered intervention from the Japanese authorities in September, breaching Y146.00 in the process.