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Supported By European & UK PMIs

US TSYS

Tsys have leant on the weaker than expected PMI data out of Europe and the UK through early London trade, with TYU +0-03+, 0-01+ off the peak of its 0-09+ range, while cash Tsys sit 0.5-2.0bp richer as the belly through intermediates outperform on the curve. Tsys lag the bid in both Bunds & Gilts owing to the locales of the data releases. FOMC-dated OIS is little changed on the day, pricing a 25bp hike at this week’s meeting with near certainty, with a cumulative ~33bp of tightening indicated through November, before ~64bp of cuts are priced 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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