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Supported By Core FI Bid, Block Flow & Equity Weakness

US TSYS

Dynamics in EGBs & Gilts have allowed TYU3 to breach Asia-Pac session highs, with flow also helping, in the form of the recent sizable TY block buy (+10.72K). Cash Tsys run 0.5-5.5bp richer as the curve bull steepens. Weakness in e-minis will also be lending support to the space. FOMC-dated OIS shows just over 20bp of tightening for next month's meeting, with a cumulative ~32bp priced through November. Beyond there ~60bp of cuts are showing through June '24.

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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