Tight Ranges In Play Ahead Of Key Risk Events

Tsys nudged firmer during early Asia-Pac trade, aided by the previously alluded to screen flow in TY futures and a downtick in e-minis (which have moved away from Friday’s highs), before backing away from best levels. That leaves the major cash Tsy benchmarks sitting little changed to 1bp richer, with a modest steepening bias as the ranges in the major benchmarks remain somewhat contained. TY futures last deal +0-03+ at 112-28+, sitting in the middle of a narrow 0-04+ range. Macro headline flow has been fairly limited thus far. Immediate focus is on the Japanese government’s BoJ leadership nominations, with the spectre of Tuesday’s U.S. CPI print limiting activity.