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Bear Steepening With PPI, Jobless Claims and 30Y Supply Ahead

US TSYS
  • Cash Tsys have reversed an earlier rally to sit cheaper on the day, more notably so at the long end with the curve bear steepening as the long end underperforms core EU FI.
  • PPI inflation is in focus with its implications for core PCE inflation and weekly claims are also likely looked at closely after last week’s seasonal adjustment revision last a notably different trend. Elsewhere, 30Y supply rounds out the docket after yesterday’s 10Y tail.
  • 2YY +2.1bp at 3.979%, 5YY +3.1bp at 3.493%, 10YY +4.1bp at 3.432% and 30YY +3.5bp at 3.659%.
  • TYM3 trades 4 ticks lower at 115-18+ still well within yesterday’s range on fairly subdued volumes of 210k. It watches support at the 20-day EMA of 115-05 just below yesterday’s low of 115-08, whilst resistance remains at 116-08 (Apr 12 high).
  • Data: PPI Mar (0830ET), Weekly jobless claims (0700ET)
  • Note/bond issuance: US Tsy $18B 30Y re-open (912810TN8) - 1300ET
  • Bill issuance: US Tsy $60B 4W, $50B 8W Bill auctions – 1130ET
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