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Giving Back Just A Bit Of Post CPI Rally On Veterans Day

US TSYS
  • Cash Tsys closed for Veterans Day holiday but Tsy futures edge only slightly lower after surging after yesterday’s notable core CPI miss.
  • TYZ2 trades 9+ ticks lower at 112-07, off yesterday’s late high of 112-19 that now forms resistance (1-31 higher from just prior to CPI). That jump also cleared the 50-day EMA of 112-13 before retreating overnight - a further clear break here would strengthen the case for short-term bulls and open 113-30 (Oct 4 high).
  • It may be Veterans Day but we still get the preliminary U.Mich consumer survey for Nov at 1000ET. The inflation expectations components are again in focus after the 1Y jumped from 4.7 to 5.0% in October but the 5-10Y reverted to its narrow 2.9-3.1% range after dipping below it in Sep for the first time since Jul’21.

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  • Cash Tsys closed for Veterans Day holiday but Tsy futures edge only slightly lower after surging after yesterday’s notable core CPI miss.
  • TYZ2 trades 9+ ticks lower at 112-07, off yesterday’s late high of 112-19 that now forms resistance (1-31 higher from just prior to CPI). That jump also cleared the 50-day EMA of 112-13 before retreating overnight - a further clear break here would strengthen the case for short-term bulls and open 113-30 (Oct 4 high).
  • It may be Veterans Day but we still get the preliminary U.Mich consumer survey for Nov at 1000ET. The inflation expectations components are again in focus after the 1Y jumped from 4.7 to 5.0% in October but the 5-10Y reverted to its narrow 2.9-3.1% range after dipping below it in Sep for the first time since Jul’21.

Source: