Tight Ranges Observed In Asia

T-Notes clung to a tight 0-03+ range in Asia-Pac hours, with a lack of notable macro headlines and market flow evident. The contract prints +0-03 at 134-07+ on volume of ~70K ahead of European hours. The major cash Tsy benchmarks sit unchanged to 1.0bp cheaper across the curve.

• To recap, Wednesday provided some twist flattening of the curve, with yields out to 10s little changed and 20+-Year paper richening by ~2.0bp. Yields backed away from session highs as the minutes from the latest FOMC meeting were released. All in all, the minutes did little to dispel the idea of a taper announcement in Q421, but some of the caution evident and the required time re: communication may skew the perception of chances surrounding such an announcement towards the end of the year. Elsewhere, 20-Year Tsy supply stopped on the screws, with the cover ratio nudging above the recent averages as dealer takedown ticked further below its own recent averages.
• Looking to Thursday's U.S. docket, weekly jobless claims data, the latest Philly Fed survey and 30-Year TIPS supply will be eyed.