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Market Roundup, Taking a Step Back

US TSYS
US FI markets trading modestly higher, small rebound after Thu's post-CPI rout sent 30YY to high of 2.3436%, currently 2.2832 (-.0331). Heavy volumes despite Japan out on holiday, TYH2 over 750k at moment.
  • FI markets raced to price in higher/faster rate hikes after inflation metric spike via Jan CPI climbed to 0.6% vs. 0.4% forecast -- are re-evaluating pricing this morning despite ongoing chatter over intermeeting moves and/or Fed ending asset purchases as early as today (NY Fed buy-op schedule update at 1500ET).
  • Equities marginally weaker (ESH2 -1.0 at 4496.5), Gold +4.47, WTI crude +1.36 at 91.24. US$ index DXY +.145 to 95.698.
  • Yield curves mildly steeper for the most part after bear flattening yesterday, 2s10s +1.241 at 45.701, 5s30s trading +1.248 steeper at 37.645, 7s10s just off inversion at 0.616 after trading down to -2.557 overnight.
  • Technicals: Modest bounce in Mar'22 10Y futures (+8.5 to 126-02) after Thu's rout solidified bearish trend condition. TYH2 cleared a layer of support between 126-01 and 125-10+ and delivered a fresh cycle low.
  • Thursday’s price action also highlights a continuation of the bearish price sequence of lower lows and lower highs. The focus turns to 125-06 next+, the 30 May 2019 (cont). Firm resistance is seen at 127-01.
  • Flows: Trading desks reported real$ buying 2s, foreign real$ buying 5s and 10s, European real$ buying long end, leveraged accts 5s30s steepeners.
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