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The latest fiscal headlines from the U.S. pointing to an agreement between a bipartisan group of Senators re: infrastructure have done little for the market, with the blessing of both party leaderships still required and questions from the White House emerging (although the latter has expressed a willingness to work with the group). T-Notes have stuck to a 0-04 range overnight dealing just off of best levels at typing, last +0-04+ at 133-02+ on decent enough volume of just over 105K, with cash Tsys trading roughly 0.5-1.0bp cheaper across the curve. Flow was headlined by a 5.0K block seller of FVU1.
- As a reminder, the major cash Tsy benchmarks richened by 1-6bp on Thursday, with 10s outperforming, hitting richest levels since early March. It wasn't all one-way trade, with some brief and limited post-CPI cheapening as the headline and core readings topped consensus, before the richening theme set back in and talk of further short covering did the rounds. Later in the day the latest 30-Year Tsy auction tailed by ~1bp as the cover ratio softened to sub-recent average levels, but the remainder of the metrics were a little more constructive, with dealer takedown sliding to below recent average levels, which allowed the rally to continue into the bell. 10s richened on the 5-/10-/20-Year Tsy butterfly, with the structure moving to the lowest levels witnessed since mid-March. Breakevens widened, led by the front end in the wake of the CPI print, pressuring real yields. Flow was headlined by a late 10K block buy of the TYQ1 133.00 straddle. There was also a 40K block buyer of the EDM1/U1 spread a little earlier in the NY afternoon.
- The Asia-Pac docket is particularly thin, while there is little of any real note on Friday's U.S. docket, which is headlined by the latest UoM sentiment reading & may see some focus fall on the inflation expectations components.