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Still Underpinned By Oil Prices

US TSYS

TYM2 remains underpinned by geopolitical worry surrounding the Russia-Ukraine conflict and the related stagflation fear stemming from the latest leg higher in crude prices as the odds of the U.S. imposing sanctions on Russian crude exports seemingly increases (with the potential for its Western allies to follow suit, although Europe’s reliance on Russian energy may complicate this a little). Cash Tsys run 2.5-6.5bp richer across the curve, with the 5- to 7-Year sector leading and the wings lagging.

  • There hasn’t been anything in the way of notable fallout from the formal unveiling of China’s economic targets for ’22, with participants currently on the lookout for the latest round of monthly Chinese trade balance data.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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