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European Inflation Drives Early Trade Before A Stacked Week

US TSYS
  • Cash Tsy yields sit 3.5-4bps higher across the curve with the cheapening impetus coming from materially higher than expected Spanish CPI/HICP inflation even if it was partly down to methodological changes.
  • The move sees the front end continue a cheapening trend from the second half of last week although the long end remains within Friday’s range. It's ahead of today's light docket before the week picks up with Fed, ECB and BoE meetings plus data including payrolls and ISM services on Friday.
  • 2YY +3.3bp at 4.232%, 5YY +4.1bp at 3.652%, 10YY +4.2bp at 3.546% and 30YY +4.1bp at 3.660%
  • TYH3 trades 7+ ticks lower at 114-12 just half a tick off recent session lows and close to key support at 114-09+ (Jan 17 low). Volumes are solidly above average of >300k with a ramping up after the Spanish inflation data.
  • Data: Dallas Fed mfg (1030ET)
  • Bill issuance: US Tsy $60B 13W, $48B 26W bill auctions (1130ET)
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