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Tsys Cheapen In Asia; 2s Hit 15-Year Highs

US TSYS

Tsys are just off session lows, having cheapened throughout the Asia-Pac session as hawkish remarks from central bankers at Jackson Hole over the weekend took focus, adding to spillover from weakness observed in Tsys on Friday after Fed Chair Powell’s speech amidst a lack of meaningful macro headline drivers.

  • Cash Tsys run 6.0-10.0bp cheaper across the curve, with 7s leading the way lower after driving Friday’s weakness. 2s are ~8.0bp cheaper, with 2-Year yields operating just shy of fresh 15-year highs above the 3.47% mark.
  • TYU2 is -0-22+ at 116-28 on volume of ~95K lots, operating a shade above freshly-made two-month lows at typing.
  • Looking ahead, ECB Chief Economist Lane will speak ahead of the release of Dallas Fed m’fing activity data, with Fedspeak from Fed Vice Chair Brainard (‘22 voter) due after.
  • Note that markets in the UK will be closed for a bank holiday today.
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