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Richer Start After Fitch Downgrade

US TSYS

Cash tsys have opened dealing 1-4bps richer across the major benchmarks, the curve has bulls steepened. The move comes after the aforementioned cut to the US credit rating by Fitch to AA+ from AAA, the downgrade echoes a similar move in 2011 by S&P. TYU3 deals at 111-06+, +0-10+, a 0-07+ range has been observed thus far.

  • A thin docket in Asia leave local participants on headline watch.

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