Marginally Cheaper In Asia, CPI In View

TYM3 deals at 115-13+, +0-01+, a narrow 0-03 range has been observed in Asia on volume of ~41k.

• Cash tsys sit flat to 1bp cheaper across the major benchmarks.
• Tsys have dealt in narrow ranges with little follow through on moves in the Asian session as Asia-Pac participants remain focused on today's CPI print.
• Some light cheapening was observed as the USD came off session lows, which held through the latter half of the session.
• Fedspeak from Philadelphia Fed President Harker crossed early in the session, he noted that he is watching data to see if more action is needed on inflation.
• Minneapolis Fed President Kashkari also crossed in Asia, he noted that he does not see the build up of the kind of risks that took down SVB building up across the wider banking sector. He also noted that he sees inflation at middle 3% by the end of this year and closer to 2% next year.
• Today's CPI print, our preview is here, is the highlight of today's session. We also have the minutes from the March FOMC meeting, matters north of the border will be in focus as the Bank of Canada delivers their latest monetary policy decision.
• Fedspeak from Richmond Fed President Barkin and SF Fed President Daly will cross. We also have the latest 10-Year Supply.