Hard to pin much in the way of an overt driver on the latest round of cheapening in U.S. Tsys, with TYM2 shunting through early session lows as crude oil futures trade a little lower on the day (indicating a modest reduction in pricing surrounding stagflationary risk). TYM2 is last -0-11 at 119-25, at the base of the 0-10 range observed thus far. Meanwhile, cash Tsys run 3.5-6.0bp cheaper on the day, with 3s leading the cheapening as the curve bear flattens.
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