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Cheaper On Friday, CPI In Focus


TYH3 deals at 112-22+, +0-00+, in line with levels seen late in Fridays NY session.

  • Cash Tsys finished 3-8bps cheaper on Friday across the major benchmarks.
  • Cross market flows pressured Tsys, a Nikkei report noted former BoJ board member Ueda will be nominated to the BoJ Governor position pressuring JGBs, which spilled over into wider FI markets.
  • Further pressure was seen as Canada employment data printed stronger than expectations, with the spillover flow weighing on Tsys.
  • BLS 2022 Seasonal adjustments to CPI were released. Core CPI was adjusted 0.1% higher in MoM terms for both November and December, however spring numbers were revised lower.
  • US Consumer Sentiment climbed to a one year high, with 1 year inflation expectations also rising however they remain well below levels seen in the first half of 2022.
  • Philadelphia Fed President Harker noted he favours getting rates above 5% then pausing. He also said it's more probable now that there will be a soft landing in the US.
  • There is a thin data calendar today. Fedpseak from Gov Bowman provides the highlight of the day. Further out the focus is on Tuesday Jan CPI data.

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