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German Regional CPIs Weigh

US TSYS

Tsys also come under pressure as the initial round of German regional CPI releases present upside risk to the core German national CPI releases scheduled for later today.

  • •TYM4 -0-07 at 110-04, a fresh session low. Yesterday’s low is untested.
  • •First meaningful support seen at the Feb 23 low (109-25+).
  • •Cash Tsy yields are 3-4bp higher, light bear flattening seen.
  • •PCE data headlines the U.S. release calendar today, with weekly jobless claims, pending home sales and the MNI Chicago PMI release also due.
  • •For PCE, estimates were lifted after PPI saw portfolio management prices rise 5.5% for the largest monthly increase since Jan’21.
  • •Fedspeak will come from Mester, Bostic & Goolsbee.
  • •Yesterday’s Fedspeak generally pointed to a non-linear move lower in inflation, with Williams, Bostic & Collins reiterating familiar ideas re: rate cuts.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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