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Delayed PPI Release Dampens Strong Number

US TSYS SUMMARY
Rates held mildly weaker levels after Friday's closing bell, off early session lows even as equities continued to extend session highs after the bell, ESM1 around 4110.0, no obvious driver. (timing of CNBC interview headlines w/ ECB Pres LaGarde: RECOVERY WILL MOVE FAST IN SECOND HALF OF 2021, coincided with the move, but unlikely the driver).
  • Friday was an exceedingly disappointing day for data delivery as the Labor Dept's Bureau of Labor Statistics suffered technical difficulties that prevented it from delivering the March PPI data on time. After several minutes equities started to trade weaker, spurring rumors data had been disseminated to some dealers. A few minutes later the BLS annc'd the much stronger than expected data on Twitter: headline +1.0%, core (ex. food and energy) +0.7%. Rates and equities traded weaker, extending session lows around 0900ET.
  • Rates and equities both started to bounce after Pres Biden set out a 16% increase in non-defense discretionary spending to $769B (3.3% of GDP), and 1.7% boost in defense spending to $753B in his first budget proposal to Congress Friday.
  • The 2-Yr yield is up 0.8bps at 0.1568%, 5-Yr is up 2.9bps at 0.8643%, 10-Yr is up 3.9bps at 1.6585%, and 30-Yr is up 2.8bps at 2.3348%.
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