TYM3 deals at 114-18, +0-02, in line with late NY levels.

• Cash tsys finished 12-15bps cheaper across the major benchmarks on Monday.
• Tsys were pressured through Mondays session, the latest ISM Manufacturing print was firmer than expected and the Prices Paid component reflecting a bounce from the sharp fall in commodity prices last year.
• Rate lock hedging ahead of a brisk pace of corporate issuance saw tsys extended losses.
• Stabilizing sentiment after JP Morgan agreed to acquire First Republic also added a layer of pressure.
• FOMC dated OIS have a 25bp hike priced in for Wednesday's meeting, with a terminal rate of ~5.15% in June. There are ~55bps of cuts priced for 2023.
• The latest monetary policy decision from the RBA provides the highlight in Asia-Pac today, the bank is expected to hold the cash rate at 3.60%. Further out we have JOLTS Job opening, Factory and Durable Goods Orders.