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Tight Start For T-Notes

US TSYS

T-Notes last +0-01 at 130-12, operating at the lower end of their early 0-05+ range, with cash Tsys running 0.5-1.5bp cheaper shortly after the re-opening, unwinding a small portion of Friday's late rally/bull flattening. The moves witnessed early this morning have likely been geared towards regional players looking to fade Friday's rally/profit taking on any short-term longs, as opposed to reaction to headline flow. Broader news flow has been limited since the reopen, with market flow headlined by a ~2.1K screen lift of TU futures.

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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