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Long-End Outperforms As Market Awaits CPI Report

US TSYS SUMMARY

USTs have rallied through the session and the curve has bull flattened with the market eagerly awaiting tomorrow's inflation report.

  • Cash yields are broadly 1-5bp lower on the day with the curve 4-5bp flatter. Last yields: 2-year 0.1508%, 5-year 0.7452%, 10-year 1.4891%, 2.1705%.
  • TYU1 trades at 132-24, towards the top end of the day's range (L: 132-11+ / H: 1329).
  • USD38bn of the 1.625% May-31 note was sold at auction with median yield of 1.497% and bid-to-cover of 2.58x.
  • Looking ahead, focus tomorrow will be on the CPI report, as well as earnings and claims data. Tomorrow's ECB meeting will also be key to watch with markets paying paticular attention to the wording around PEPP purchases over the coming quarter.
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