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Weaker than anticipated August CPI 0.3% vs. 0.4% est (0.5% prior and core of 0.1% was the catalyst for long-end lead rally in rates and flatter curves Tuesday, while equities traded weaker -- technical support held (ESZ1 -31.0 at 4428.50). Tsy
30YY fell back to early August level of 1.8292% last seen Aug 5.
- Today's data underscores Fed Chairman Powell's "transitory inflation" message, but remember the Federal Reserve remains in media blackout until September 23.
- Trade surged, TYZ1 >1.4M twice that of Monday's post-close volumes, but dog days of summer malaise resumed in the second half.
- Option volumes proved muted, vol sellers emerging by midmorning while low delta put buyers noted in Oct 5- and 10Y options.
- No Treasury bill auctions, but corporate issuance remined robust with over $18B pricing on the day after $24.4B on Monday.
- The 2-Yr yield is down 0.6bps at 0.207%, 5-Yr is down 2.6bps at 0.779%, 10-Yr is down 5.1bps at 1.2752%, and 30-Yr is down 5.8bps at 1.8465%.