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Tsys Unwind Some Of Yesterday's Steepening

BOND SUMMARY

The Tsy curve flattened in Asia-Pac hours, with regional participants seemingly more than happy to fade the post-FOMC minute steepening, although the space has edged away from best levels in recent trade. The 2-/30-Year yield spread briefly unwound all of its post-minute steepening as a result. Yields sit 0.2-2.4bp richer across the curve. T-Notes supported, last +0-02+ at 139-14+, with e-minis heavy.

  • There was little to drive the Aussie bond space, outside of mimicking what was seen in U.S. Tsys, with the curve reversing the overnight steepening pressure and more. YM unchanged, XM +1.0. The RBA refrained from making bond purchases again today.
  • JGBs futures drew support from the bounce in Tsys in the Tokyo morning, with yields hovering around unchanged levels, before a less than convincing cover ratio in the latest round of 5-Year JGB promoted very modest weakness in the space. Futures -4, yields sit -/+0.5bp across the curve.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
BulletMarketsFixed Income Bullets

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