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Tighter US Financial Conditions To Hurt US Data Momentum?

US TSYS

Bull Steepening

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Off Lows After Aussie CPI, Moves & Volume Muted

US TSYS

Tsys take impetus post-CPI gyrations in ACGBs (with a lower beta, as you would expect), pulling away from worst levels on the back of that data print and related moves in RBA pricing, before backing off a touch from post-reaction highs. That leaves TYU2 -0-05+ at 119-22, 0-02+ off session lows, while cash Tsys run little changed to 0.5bp cheaper across the curve. Wider activity remains limited in typical pre-FOMC Asia-Pac fashion.

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Tsys take impetus post-CPI gyrations in ACGBs (with a lower beta, as you would expect), pulling away from worst levels on the back of that data print and related moves in RBA pricing, before backing off a touch from post-reaction highs. That leaves TYU2 -0-05+ at 119-22, 0-02+ off session lows, while cash Tsys run little changed to 0.5bp cheaper across the curve. Wider activity remains limited in typical pre-FOMC Asia-Pac fashion.