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Market Roundup: Early Flow-Driven Whipsaw Action, Tue CPI Focus

US TSYS
Tsys trading mixed, inside range after early whipsaw action, curves flatter (2s10s -3.116 at -82.055) w/ Bonds outperforming (30YY 3.7933 -.0224) ahead midday. Thin early volumes with no data Monday, many sidelined to await Tuesday's CPI release MoM (0.1% rev, 0.5%); YoY 6.5%, 6.2%).
  • Tsys gained ahead the NY open, coinciding with Fed Gov Bowman talk at bank conf. Nothing exceptionally market moving "I'll expect that we will continue to increase the federal funds rate, because we have to, we have to bring inflation back down to our 2% goal," she said in a question and answer session at an American Bankers Association event.
  • Tsys reverse from pre-open highs on rate lock selling vs. several multi-tranche issuers CVS, Pepsi, Philip Morris. Precedent: CVS ranks third overall largest debt issuer w/ $40B over 9 tranches in Sep 2018. Philip Morris issued $6B over 5tranches in Nov 2022 while Pepsi has averaged $2.75B last couple years.
  • Tsys rebounded - see-sawing to new session highs over the next hour on the back of 5s (6.6k) and 10Y (16.9k) Block buys, receding again ahead the noon hour.
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