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US TSYS: Tsys have come under some modest pressure during the latter half of the
Asia-Pacific session, although T-Notes still trade higher on the day, supported
by hawkish trade rhetoric from U.S. VP Pence re: China over the weekend, while
the APEC summit failed to result in a common communique, with trade war matters
causing issues.
- The curve sits a touch flatter, bear flattening on the day.
- As a reminder, Tsys finished higher on Friday, with the belly outperforming.
Fed's Clarida sounded more cautious about the econ, before a WSJ interview with
Fed's Harker crossed noting that "he isn't ready to support the central bank
raising short-term interest rates again next month, given the modest outlook for
inflation." N.B. Harker doesn't vote until '20 & has prev. highlighted a
preference for 3 hikes in total during '18.
- Durable goods & flash PMIs highlight the U.S. economic docket during this
holiday shortened week, with Fed's Williams due to speak on Monday.
- T-Notes last 119.06, U.S. 10-Year cash Tsy yield last 3.070%.
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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