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Core Fixed Income Markets Retracing Ahead of US Inflation Data

EMERGING MARKETS
  • Weakness at the short end of the US curve is the standout move in early Tuesday trade, with some of Monday's huge moves in Global FI partially reversing ahead of the US CPI report later today. The USD is trading in moderate positive territory and the JPY is the weakest currency in the G10 space.
  • US inflation data is due at 1230GMT/0830ET. Core CPI inflation is seen holding a 0.4% M/M clip for the third month running in February. It is however expected to have been boosted by a bounce in used car prices rather than more broad-based pressure, especially in light of a sizeable easing in supply chain pressures. Core non-housing services will again be in focus after moderating to a mixed extent in January, whilst OER and primary rents inflation are seen slowing slightly further.
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