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Richer In Asia, Debt Ceiling Talks Continue On Monday

US TSYS

TYM3 deals at 113-27, +0-09, a touch off the top of the 0-08 range on volume of ~95k.

  • Cash tsys sit 2-3bps richer across the major benchmarks, light bull steepening is apparent.
  • Tsys firmed in early dealing on the continued impasse regarding the US debt ceiling. There was no breakthrough in staff level talks on Sunday and President Biden and House Leader McCarthy are scheduled to meet today.
  • Gains marginally extended as e-minis came off session lows, ranges were narrow with little follow through for the remainder of the Asian session.
  • FOMC dated OIS price a terminal rate of 5.1% at the June meeting with ~50bps of cuts priced for 2023.
  • There is a thin data calendar today. Fedpseak from St Louis Fed President Bullard, Richmond Fed President Barkin, Atlanta Fed President Bostic and SF Fed President Daly will cross.
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