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Cheaper Ahead Of CPI, FOMC Minutes, Fedspeak and 10Y Supply

US TSYS
  • Cash Tsys see a modest bear flattening ahead of a heavy docket with focus on CPI (preview here) before the FOMC minutes plus also 10Y issuance and Fedspeak from ’24 voters landing in between. Despite the sell-off, yields have for the most part remained within yesterday's range.
  • 2YY +3.2bp at 4.054%, 5YY +2.8bp at 3.556%, 10YY +2.1bp at 3.447% and 30YY +1.6bp at 3.635%.
  • TYM3 trades 2+ ticks lower on the day at 115-09+, close to yesterday’s low of 115-06+ and support at 115-03 (20-day EMA) after which lies 114-18 (Apr 3 low). To the upside lies resistance at 115-31+ (Apr 10 high).
  • Data: CPI for March dominates (0830ET) but we also see real average earnings at the same time plus weekly MBA mortgage data (0700ET) and the monthly budget statement for Mar (1400ET).
  • Fed: FOMC minutes (1400ET) with Richmond Fed’s Barkin (0900ET) and SF Fed’s Daly (1200ET) landing after CPI earlier in the day.
  • Note/bond issuance: US Tsy $32B 10Y Note auction reopen (91282CGM7) – 1300ET
  • Bill issuance: US Tsy $36B 17W bill auctions – 1130ET
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BulletMarketsFixed Income BulletsHomepageFOMC Calendar Market News

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