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Stabilising, Aided By Block Flow & Wider Cues

US TSYS

Tsys continue to follow the broader impetus derived from the EGB space, finding a bit of a base in recent trade, leaving the major cash Tsy benchamrks running 1-4bp cheaper, bear flattening. TYU3 trades 0-02 off the base of its fairly contained 0-08+ range, last showing +0-03 on the session.

  • In terms of market-specific matters, a block buyer in TU futures (+3,988) followed on from the previously covered block buyer in FV (+4,179) futures and probably helped stem losses.
  • FOMC-dated OIS continues to show 5-6bp of tightening for next week’s gathering, with a cumulative 19bp of tightening seen through July. ~28bp of cuts is then seen from terminal rate pricing through year-end.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
HomepageBond Market NewsBulletMarketsFixed Income Bullets

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