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Markets Roundup: Well Off Post-CPI Highs Ahead March FOMC Minutes

US TSYS
  • Treasury futures holding moderately mixed after the 10Y note auction's 2.3bp tail, near session lows and certainly well off post-CPI data highs. Curves are mostly steeper with the short end still outperforming, 2s10s +2.740 at -57.093, in the lead-up to the March FOMC minutes release at the top of the hour.
  • Projected year end rate cuts that had rebounded to approximately 50bp cumulative for December following the lower than anticipated CPI (CPI 0.1%, CORE 0.4%; CPI Y/Y 5.0%, CORE Y/Y 5.6%) has since scaled back the move while less than a 25bp hike at the May meeting holding steady.
  • Markets have shown little reaction to several unscheduled Fed speakers this morning Richmond Fed initially stayed away from discussing policy at a annual conference on investing, reiterated "THERE IS STILL MORE TO DO TO GET CORE INFLATION DOWN ... while PAST PEAK INFLATION BUT WE STILL HAVE WAYS TO GO" at a midmorning CNBC interview.
  • Meanwhile, SF Fed President Daly said the U.S. economy could slow enough to bring down inflation without the Federal Reserve lifting interest rates further.
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