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Off Early Asia Lows

US TSYS

The more defensive nature of some of the weekend headlines flagged earlier have fed into more recent U.S. Tsy price action, allowing futures to recover from early session lows (which were registered as oil moved lower and some of the stagflationary worry was removed from the space, at least in an incremental sense). That leaves TY at best levels of the session, +0-08+ at 121-26+, with the contract operating in an 0-11+ range thus far, on volume of 32K. Cash Tsys have twist flattened, with 3s running ~0.5bp cheaper, while 10s outperform, richening by ~1bp early on. Headline flow has been extremely light since the futures re-open.

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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