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Italian supplies and US PPI in focus

BUNDS
  • Another tight overnight session for Bund, after the contract rallied circa 50 ticks post the underwhelming US CPI.
  • The inline inflation release cleared out the shorts, but selling interest into the strength was visible as the contract edged towards the 170.50 area.
  • Nonetheless, early focus is on the opening gap, now from 170.06 up to 170.21.
  • There are no tier 1 data out of Europe, and in terms of data only US PPI stands out. IJC is no longer a market mover.
  • Also out of the US, sees Fed Brainard nomination hearing, with prepared remark
  • "Federal Reserve Governor Lael Brainard said tackling inflation and getting it back down to 2% while sustaining an inclusive recovery is the U.S. central bank’s most pressing task."
  • Focus will be on the Q&A section.
  • BUT, it has been made very clear by Mr Powell that the Fed is on a Data dependent mode.
  • SUPPLIES: Italy EU3.5bn 2024 (Equates to ~40k BTPS), should keep the lid on the contract into the bidding deadline, and EU3.5bn 2029 (Equates to 19.5k BTP), which show also weigh. US sells $22bn of 30yr.
  • SYNDICATION: Ireland 10yr EUR Benchmark.
  • SPEAKERS: ECB de Guindos, Elderson, BoE Mann, US Fed Barkin, Evans
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