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Tight Trade After Tuesday’s Cheapening; Fed Speeches And Beige Book Eyed

US TSYS

Price action across the Asia-Pac session saw Tsys consolidate within relatively narrow ranges after the cheapening in core FIs on Tuesday (that saw 30-Year yields hit eight-year highs), with regional data prints provided little by way of lasting, meaningful direction for the space as well.

  • TYZ2 is -0-01+ at 115-17+, sitting towards the middle of a tight 0-06 range established throughout the Asia-Pac session, a short distance above freshly made three-month lows.
  • Cash Tsys run flat to 2.5bp richer across the curve, with long-end Tsys leading the way higher, while 2-Year yields were unable to establish a clear break above the 3.50% mark.
  • Looking ahead, U.S. trade balance data, weekly mortgage applications, and the Fed’s Beige Book will cross later in the NY session amidst Fedspeak from the Fed’s Barkin (‘24 voter), Mester (voter), and Brainard (voter), with the BoC’s policy decision due as well.
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