Futures Move Above Wednesday Highs, But No Follow Through, Fed Speak Later

After a brief spike to 108-17 in early trade (above Wednesday session highs), futures have reverted back to late NY session ranges from Wednesday this afternoon. We last tracked at 108-14 +03, on volumes of just over 101k.

• The earlier spike appeared to coincide with comments from the Fed's Harker, where the Philadelphia Fed President again argued the Federal Reserve should stop raising interest rates and hold them at their current 22-year highs, while warning rate cuts are not forthcoming in the near future.
• The weaker than expected China headline CPI may have also aided the bid tone, but there was little follow through.
• In the cash space, tight ranges have prevailed. 10yr yields are a touch higher, last near 4.50%, the 2yr yield is sub 4.93%, but little changed.
• Looking ahead we have initial jobless claims later on, Fedspeak in terms of the Barkin MNI Webcast, followed by Powell comments later on. Bill and 30yr bond sales are also on tap.