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Softer Start, US Govt Shutdown Averted

US TSYS

TYZ3 deals at 107-27, 0-07, a touch below Friday’s closing levels.Yesterday Congress passed a stopgap funding bill Saturday evening. The Senate voted to pass the bill on a 88 to 9 margin after the House had voted 335-91. The deal funds govt to the 17 November 2023.

  • Cash tsys finished ~1bp richer across the major benchmarks on Friday.
  • On Friday Tsys retreated from session highs as the USD firmed and US Equities fell as risk off flows dominated on the last trading day of September. Gains seen earlier in the session were pared and tsys finished little changed.
  • FOMC dated OIS now price a terminal rate of ~5.40% in December, there are ~50bps of cuts by September 2024.
  • There is a relatively thin docket this week, ISM Mfg Survey provides the highlight today. Further out the September NFP print provides the highlight of the week.
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