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Analyst One Line Takeaways From US CPI


Market Roundup: Small Unwind


USD Index Extends Two-Day Decline To 3.2%


Q3 Earnings Roundup: Winding Down

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Tsys have been heading lower (within Tuesday's ranges) in the European morning as equities have bounced. A trio of Fed heavy hitters highlight Wednesday's calendar, with 2Y FRN and 5Y supply for good measure.

  • Mar 10-Yr futures (TY) down 1/32 at 135-12.5 (L: 135-11.5 / H: 135-23). The long-end continues to get hit hard: the 2-Yr yield is up 0.4bps at 0.1152%, 5-Yr is up 1bps at 0.5762%, 10-Yr is up 2.7bps at 1.3688%, and 30-Yr is up 4.7bps at 2.2272% (highest since Jan 2020).
  • Equities have proven resilient, bouncing Tuesday of course but also from lows overnight Wednesday. Dollar a little softer.
  • Judging from Fed Chair Powell's Senate appearance Tuesday which basically hit all of the same notes he'd repeated previously, there's unlikely to be much to move the market in Wednesday's House testimony - but still bears watching (starts 1000ET, same prepared text as yesterday).
  • More impactful perhaps will be Gov Brainard at 1030ET, and/or Vice Chair Clarida at 1300ET (then later at 1600ET).
  • Today's data consists of Jan New Home Sales at 1000ET.
  • In supply, 1130ET sees auctions of $30B 119-day bill and $26B 2Y FRN; at 1300ET, $61B 5Y Note. NY Fed buys $3.625B of 7-20Y Tsys.

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