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Now A Little Firmer

US TSYS

Tsys tick away from session cheaps. Hard to find an overt headline driver for the (modest) move, outside of the weakness in Chinese equities and perhaps some pre-BoJ short covering, with no change expected in policy settings re: the latter come the end of today’s decision. A move away from lows in NZGBs and some receiver flow in NZ swaps has been noted, which could be providing some incremental support. Cash Tsys are flat to 1.5bp richer, bull steepening, while TYH3 is now unch at 114-04+.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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