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Not much to pen for T-Notes in early........>

US TSYS: Not much to pen for T-Notes in early Asia-Pac dealing, with the
contract last -0-00+ at 138-27.
- Bear steepening was the path of least resistance for Tsys again on Tuesday,
although ranges were once again contained and volumes subdued ahead of risk
events scheduled for later in the week.
- Markets seem to be focused on the continued re-opening efforts seen across
most of the globe, which is outweighing the Sino-U.S. and domestic U.S.
tensions, at least for now.
- This has allowed the 5-/30-Year spread to challenge the March YtD steeps
(which are also in line with the steepest levels witnessed since 2017), with
30-Year yields breaking through their own recent range top, although that
particular metric still sits well shy of both its March and YtD peaks.
- Suggestions also point to domestic real money accounts being active buyers of
2s and 3s on Tuesday, which would have aided the steepening theme.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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