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Limited Pre-CPI Trade

US TSYS
BulletMarketsFixed IncomeBond Market News

Tsys have coiled during Asia-Pac hours, with a lack of meaningful macro headline flow and the proximity to the impending CPI print limiting price action during overnight dealing. Meanwhile, slightly firmer than expected Chinese inflation data and an uptick in Chinese equities capped the space.

  • TYM2 sits +0-01+ at 118-26+, holding within the confines of a narrow 0-05+ on limited volume of ~65K. Cash Tsys are little changed across the curve, twist flattening, pivoting around 5s, with yields between -/+1.0bp vs closing levels. This comes after Tuesday’s frenetic session, which ended with the space pulling back from best levels into the bell, aided by a late and modest uptick in U.S. equities.
  • Asia-Pac flow was headlined by a block buyer of TUM2 futures (+3K).
  • The aforementioned CPI print headlines the docket on Wednesday (see our full preview of that release here), with 10-Year Tsy supply and Fedspeak from Bostic (’24 voter) due. Note that Bostic has made several appearances in recent days, expressing his preference for 50bp hikes at the next 2-3 Fed meetings.
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Tsys have coiled during Asia-Pac hours, with a lack of meaningful macro headline flow and the proximity to the impending CPI print limiting price action during overnight dealing. Meanwhile, slightly firmer than expected Chinese inflation data and an uptick in Chinese equities capped the space.

  • TYM2 sits +0-01+ at 118-26+, holding within the confines of a narrow 0-05+ on limited volume of ~65K. Cash Tsys are little changed across the curve, twist flattening, pivoting around 5s, with yields between -/+1.0bp vs closing levels. This comes after Tuesday’s frenetic session, which ended with the space pulling back from best levels into the bell, aided by a late and modest uptick in U.S. equities.
  • Asia-Pac flow was headlined by a block buyer of TUM2 futures (+3K).
  • The aforementioned CPI print headlines the docket on Wednesday (see our full preview of that release here), with 10-Year Tsy supply and Fedspeak from Bostic (’24 voter) due. Note that Bostic has made several appearances in recent days, expressing his preference for 50bp hikes at the next 2-3 Fed meetings.