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Market Roundup: Inflation Spike Underscore 75Bp Nov Hike; BoE Buy Ops

US TSYS

Volatile morning for Tsys, currently weaker but off post-CPI lows (30YY currently 3.1954 +.0410 vs. 4.0088% high) following robust BOE Linker buy operation expands to GBP3.1204B (GBP56.4M rejection), still have Gilt buy-op at the top of the hour.

  • Contributing to the rally that coincided w/BOE buy-op, large 10Y Block buy: +14,278 TYZ2 110-21, large buy through 110-16.5 post-time offer at 0957:35ET, 110-24 last (--23.5); appr DV01 $940k.
  • Largely ignoring weekly claims (+9K to 228K; continuing claims +0.003M to 1.368M) Tsys gapped lower following jump in CPI (8.2%, core 6.6%), yield curve bear flattening as prospect of 75bp hike in Nov a lock weighed heavily on the front end.
  • Despite the spike in inflation metric, US Tsys obviously still taking cues from UK markets. BBC noted rumors ahead the open UK officials were working on a u-turn (or partial deletion) of mini-budget saw Tsy futures gap to new highs last few minutes, scaling back appr half the move as Downing Street officials quickly deny the rumors: "the position has not changed".
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