TYH2 Back To Lows

A pretty sharp pullback in recent TYH2 trade, with the contract moving from just below session highs to test of session lows, last -0-02 at 125-23+. There hasn’t been much in the way of meaningful headline flow observed to drive the move, although there has been some attention afforded to Goldman Sachs moving their Fed call, which now looks for 7x 25bp rate hikes during the remainder of the year i.e. one 25bp hike at each meeting (they looked for 5x 25bp hikes in ’22 previously). A reminder that cash Tsys remain closed until London hours owing to the previously flagged Japanese holiday.