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BLOCK, Jun'23 2Y Buy


8/11-month RFTBs


What to Watch: Bank Run Jitters, CPI Data

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T-Notes continue to operate at/around.......>

US TSYS: T-Notes continue to operate at/around best levels at writing (shy of
Friday's late session highs), with the early weakness, stemming from the
optimistic rhetoric from U.S. President Trump & Chinese counterpart Xi noted
over the weekend re: trade, fading. Worth highlighting that proof is likely to
be in the pudding, with markets waiting for the end deal, tired of the rhetoric
that they have become used to.
- Slow grinding bid likely helped by soft Chinese manufacturing PMI data, which
moved into contractionary territory for the first time since July 2016.
- Cash markets are closed until the London open, with week set to be broken up
by the New year holidays. Focus on NFP's Friday and the ongoing gov't shutdown.
Republican Sen. Lindsey Graham stated that Trump is "open to a compromise with
Democrats that includes $5bn for border security "in areas that make sense" in
exchange for legislative changes DACA & TPS" as reported by CNN.
- Little in the way of Eurodollar volume, with the whites and reds trading
unchanged to 1.5 ticks lower.
- T-Notes last 121.22+, U.S. 10-Year cash Tsy yields closed at 2.718%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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