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Tsys experienced a rather limited start.....>

US TSYS: Tsys experienced a rather limited start to the Asia-Pacific session in
the wake of the latest round of FOMC meeting minutes and subsequent comments
from Fed Vice Chair Clarida. Fed's Daly alluded to familiar headwinds, while
stressing that there is no sign that the U.S. is nearing a recession. She also
suggested that rates are very close to neutral and that she doesn't want balance
matters to offset interest rate policy.
- Activity then picked up on the back of a RTRS sources piece which suggested
that the U.S. & China are drafting 6 MOUs on key structural issues including IP,
services, tech transfer, agriculture, currency & non-tariff barriers in their
trade talks. The report also suggested that negotiators are looking at a 10-item
list of shorter-term measures to address the bilateral trade imbalance.
- This triggered broader risk-on flows, sending T-Notes back towards Tuesday's
lows, with the belly of the cash curve underperforming.
- The white and red Eurodollar contracts trade 0.5 to 2.0 ticks lower as a
- T-Notes last 122.01+, U.S. 10-Year cash Tsy yields last 2.664%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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