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Market Roundup: PPI Inflation Metric Ticked Up

US TSYS

Tsys remain weaker in late morning trade, off lows after some initial volatility post PPI. Tsy futures gapped lower after PPI comes out little higher than expected (MoM +0.3% vs. 0.2% est; ex F&E +0.4% vs. +0.2% est); U. of Mich. Sentiment (59.1 vs. 56.8 prior).

  • Futures rebounded appr 75% of the initial move before selling off/extending lows again a half hour later amid two-way positioning/unwinds ahead next week's CPI and FOMC. Notably, yield curves had considerably bear steepened off wk's 40Y lows at midday: 2s10s +7.059 at -75.930.
  • Trading desks questioned short end support in the face of next Monday's staggered auctions: 26W bills and 3Y Notes at 1130ET, 13W bills and 10Y Notes at 1300ET in order to maintains 2 day gap between last auction and settle.
  • Focus turns to CPI for Nov next Tue (MoM 0.3% est, 7.3% YoY) and final FOMC of 2022 Wed afternoon.
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