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Richer In Asia, Powell In Focus


TYH3 deals at 113-19+, +0-03+, a touch off the top of its 0-09+ range on volume of ~139K.

  • Cash Tsys sit 1-5 bps richer across the major benchmarks, the curve has bull steepened.
  • Participants faded Monday's leg of post-NFP cheapening in early Asia-Pac dealing after frenetic moves in recent sessions.
  • The richening held through the Asian session.
  • A couple of block buys in TU futures (+3.5K & +5.5K) aided the bid.
  • Tsys looked through weakness in ACGBs as the RBA raised rates 25bps. The accompanying hawkish guidance noted that rates will need to rise further and more than once.
  • The U.S. trade balance headlines an otherwise thin data slate today. More widely, Fed Chair Powell provides the macro highlight in his first remarks since last week's Fed meeting. 3-Year Tsy supply is also due.

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