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T-Notes did little overnight, holding a.....>

US TSYS
US TSYS: T-Notes did little overnight, holding a 0-03+ range, even as regional
equity indices & U.S. equity index futures traded in a defensive manner during
Asia-Pac hours, with the contract hugging a tight range, last +0-02 at 138-09.
Curve has seen some light bull flattening, with yields 0.3-1.7bp richer.
- Swap spreads not far off flat.
- On the flow side we saw a TYM0/USM0 block flattener overnight, but that was
about it.
- Eurodollar futures +2.5 to -0.5 through the reds, with fronts outperforming.
Potential regional reaction to the latest 3-Month LIBOR fix and start of the
implementation of the Fed's CPFF scheme, with 3-Month FRA/OIS now back below
40bp.
- Retail sales, Empire m'fing survey & industrial production headline today,
with an address from Fed's Bostic also due.
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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