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Market Roundup: Bond Bid Shadows EGBs, Smaller Hikes/Lower Inflation

US TSYS
Tsys futures firmer across the board at midday, off open session highs after 30YY tapped 3.6798% low, currently 3.6999% (-.0540), yield curves unwinding Tue's steepening (2s10s -4.059 at -67.527).
  • In-line, longer rates bid with EGBs underscored by MNI exclusive story: ECB Doves Eye Smaller Hikes As Inflation Falls: "more dovish officials are prepared to seize on an expected slide in headline inflation from the spring to argue for a slowdown in the pace of tightening, Eurosystem officials told MNI."
  • Limited economic data tied to MBA mtg apps: MBA 30Y mortgage rates saw the first decline in three weeks, -16bps to 6.42% in the week to Jan 6. It remains off the most recent low 6.34% from mid-Dec but down from highs of >7% in late-Oct to mid-Nov following a similar rolling over in Treasury yields.
  • Carry-over corporate debt issuance and pre-auction short selling ahead $32B 10Y note auction re-open helping keep prices contained.
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