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Holding Close To Best Levels Driven By Soft UK CPI

US TSYS
  • Cash Tsys trade 3-6bp richer, led by 2s for a bull steepening with 2s10s at -49bps (+1.5bps). There was a general bid through Asia trading which then accelerated sharply on notably softer than expected UK CPI.
  • TYH4 trades close to session and week-to-date highs of 112-23+. Technical trends point to a bullish signal that highlights resistance at 112-28+ and 113-12+ (Fibo projection points).
  • Today’s docket likely sees focus on existing home sales data after a heavy decline in October and the Conference Board consumer survey, before some attention on 20Y supply. Harker could also see some headlines although impact is likely mitigated by moving to a non-voter ahead.
  • Data: Weekly MBA mortgage data (0700ET), Current account Q3 (0830ET), Existing home sales Nov (1000ET), Conf Board consumer confidence Dec (1000ET).
  • Fedspeak: Goolsbee (’25) WSJ podcast (1200ET), Harker (non-voter) on local radio (1215ET)
  • Note/bond issuance: Tsy $13B 20Y re-open (912810TW8) – 1300ET
  • Bill issuance: Tsy $56B 17w bills (1130ET)
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