The Belly Leads again

T-Notes little changed in early Asia trade, operating around late NY highs, last -0-00+ at 131-21+.

• The belly of the cash curve outperformed on Tuesday, with the 5- to 7-Year zone of the curve richening by ~5bp come the bell, even as swappable supply provided some (modest) late pressure. Monday's questions re: the fiscal dynamic in the U.S., centring around moderate Democratic Senator Manchin, were seemingly supportive, allowing the space to pull further away from Friday's post-NFP cheaps as London and European participants returned from the Easter holiday. NY flow was headlined by a 5.0K block buy of TYM1.
• There is lack of tier 1 data evident on the Asia-Pacific docket on Wednesday, with the minutes from the most recent FOMC decision and a deluge of Fedspeak due in NY hours.