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Market Roundup: Short End Resists Broader FI Sell-Off, Curves Steeper

US TSYS
Tsys trading near recent session lows, yield curves bear steepening (2s10s +5.517 at -83.499) with short end resisting broader selling in intermediates to long end at midday.
  • Some technical buying after 2YY tapped 4.9414%, highest level since mid-2007, while intermediates to long end yields still below Nov'22 levels. 10YY tapped 4.0893% high, 30YY tapped 4.0446% - highest since November 10 (when 30YY fell from appr 4.28% to appr 4.05% after lower than expected Oct CPI cooled rate hike expectations).
  • Tsys followed lower EGBs lead coming into the session after higher than expected Eurozone HICP (+0.8% MoM vs. +0.5% est; +8.5% YoY vs. +8.3%). Tsys extended lows following jump in labor costs +3.2% vs. +1.6% est, claims -2k to 190k (195k est).
  • STIR, stable however: Fed funds implied hike for Mar'23 steady at 31.5bp, May'23 cumulative 59.2bp (+1.5) to 5.169%, Jun'23 78.0bp (+1.5) to 5.357%, terminal at 5.475% in Oct'23 vs. 5.51% high.
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