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Under Light Pressure

US TSYS

Some light pressure in Bunds in the wake of firmer than expected German factory orders data kept the pressure on Tsys, although TY futures didn’t manage to force a challenge of their overnight base (which was below Wednesday’s low), with cheapening pressure then moderating as Bund futures stabilised. That leaves the contract printing -0-03+, while cash Tsys run 1.0-2.5bp cheaper, as intermediates lead the weakness. FOMC-dated OIS shows ~21bp of tightening for this month’s meeting and a cumulative ~33bp of tightening through November. Beyond there, ~52bp of cuts are priced through June ’24.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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