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Pressure Extends After Initial Jobless Claims

US TSYS

TYU3 deals at 112-05, +0-00+, in line with late NY levels.

  • Cash tsys finished 7-11bps cheaper across the major benchmarks, the belly lead the cheaps.
  • Tsys extended losses as the latest US initial jobless claims were less than forecast. A 15k block seller in TYU3 also weighed.
  • Earlier in the European session a flow-driven cheapening in EGBs spilled over into the wider space weighing on Tsys.
  • FOMC dated OIS remain stable, a 25bp hike is seen at next week's meeting with a terminal rate of 5.40% in November. There are ~65bps of cuts seen by June 2024.
  • National CPI from Japan headlines the Asian session today. Further out the docket is thin for the remainder of the day.
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