Taxes

A narrow restart for T-Notes, last +0-03 at 132-20+, hovering around late NY levels, with no reaction to reports that 3 rockets hit a U.S. military near Baghdad airport, Iraq.

• Thursday saw T-Notes recover from worst levels of the day during the NY afternoon, with speculation surrounding the details of U.S. President Biden's tax plan heating up, weighing on the equity space. Still, Asia-Pac highs (which represent a technical resistance area) were not retested. Some early NY chop around the latest ECB decision was also observed (although the event didn't provide much in the way of notable, fresh information). The cash curve ultimately flattened on Thursday, with 2s little changed and 30s trading the best part of 3.5bp richer come the closing bell.
• There is nothing in the way of tier 1 headline risk slated for Asia-Pac hours, which should leave headline flow and broader market themes at the fore.