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Slightly Richer in Asia-Pac, Recession Odds Down (Yellen)

US TSYS

TYU3 is currently trading at 112-25+, +02+ versus NY closing levels.

  • Cash tsy yields have opened 0.6bp to 1.3bp lower across major benchmarks in Asia-Pac trade with the curve slightly steeper.
  • US Treasury Secretary Yellen has stated that US recession odds are lower. She stated during a Bloomberg interview: "my odds of it, if anything, have gone down — because look at the resilience of the US economy, the labor market, and inflation is coming down." She added that “I’m not going to say it’s not a risk, because the Fed is tightening policy,”, while adding "We probably need to see some slowdown in spending in order to get inflation” under control.
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