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A Touch Cheaper With CPI Revisions Eyed, Fresh 10Y YtD Yield High Denied

US TSYS
  • Cash Tsys trade little changed ahead of US CPI revisions, sitting just 0.5-1.5bp cheaper as they modestly extend Thursday’s further sell-off.
  • 10Y yields topped out at 4.1734% in European hours, failing to breach their early '24 highs (4.1957%), despite fresh YtD highs in German & UK equivalents.
  • TYH4 earlier nudged to new recent lows of 110-22 before lifting a couple ticks, with relatively low volumes of 245k with the Chinese New Year holidays and a related half day closure in HK curtailing activity. The bearish threat remains present, with the earlier low marking tentative support after which lies 110-16 (Dec 13 low).
  • Data: US CPI revisions from 0830ET – Preview here
  • Fedspeak: Logan (non-voter) in Q&A at 1330ET
  • No issuance.

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