Weighing Up A Tight Session

A tight re-open for T-Notes, with the contact operating around late NY levels, last +0-01+ at 132-18+.

• Tsys clung to a tight range on Wednesday, yields little changed across the curve come the close, with T-Notes sticking to the upper end of Tuesday's range (outside of a very limited and brief look above during early NY trade).
• There was some modest cheapening around the BoC decision, which saw the Bank leave its benchmark interest rate at unchanged levels and trim its asset purchases (with some erroneous pre-decision headlines creating some chop).
• The latest round of 20-Year Tsy supply was well received (aided by the BoC-related concession), stopping through WI by 0.9bp, with a particularly impressive takedown breakdown, while the cover ratio nudged lower but still held above the recent average.
• There is nothing in the way of tier 1 risk slated for Asia-Pac hours, with Thursday's focus set to fall on the latest monetary policy decision from the ECB.