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Richer On Tuesday, Firms Off Session Lows After Bostic Fedspeak

US TSYS

TYZ3 deals at 107-22+, -0-00+, in line with late NY levels.

  • Cash tsys finished dealing 11-15bps richer across the major benchmarks, the belly and long end lead the bid.
  • Tsys firmed off session lows following Fedspeak from Atlanta Fed President Bostic who reaffirmed his view that benchmark rates are high enough to get inflation under control without dragging the economy into recession.
  • Gains were pared after the latest 3-Year supply. The auction tailed with below average bid/cover and indirect take up observed.
  • Minneapolis Fed President Kashkari noted he wasn’t yet convinced that the recent rise in Tsy yields would lessen the need for further rate hikes.
  • The data docket in Asia is thin today, further out we have PPI and the minutes of the September FOMC meeting. Fedspeak from Gov Bowman, Gov Waller and Atlanta Fed President Bostic is also due.
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