Yields Marginally Firmer In Asia

TYH3 deals at 115-15+, -0-05, in the middle of its 0-08+ range on volume of ~95K.

• Cash Tsys are running 1-2bp cheaper across the major benchmarks.
• Tsys were marginally cheaper in early trading in a muted start to Friday's session.
• Fedspeak from NY Fed President Williams was on the wires, he noted there is still more work to do to tame inflation and that it made sense for the Fed to slow rate rises in December. He reiterated themes observed in recent communique in that the Fed has a way to go on rate rises, while not being drawn into a specific call re: the size of the hike that should be deployed at the next FOMC, alluding to market pricing that is "roughly consistent" with Fed's rate outlook.
• The early cheapening extended marginally, although there was no overt headline driver for the move. TYH3 saw support come in ahead of the high from Dec 13 and a recent breakout level, after showing as low as 115-12+.
• The pressure on Tsys then moderated, with a rally in JGBs aiding the recovery.
• ECB speak from Lagarde headlines the European session. Further out we have U.S. home sales and Fedspeak from Philadelphia President Harker and Governor Waller.