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Modest Bull Flattening With CPI Firmly In Focus

  • Cash Tsys trade modestly richer this morning, in a relatively narrow range well within yesterday’s levels on a modestly risk-on atmosphere. Little in the way of headlines overnight, with China & HK Covid-related headline flow having little impact coming ahead of US CPI at 0830ET, the last major input before tomorrow’s FOMC decision.
  • 2YY -0.2bps at 4.373%, 5YY -1.4bps at 3.775%, 10YY -2.0bps at 3.591%, 30YY -3.1bps at 3.541%.
  • TYH3 trades 4+ ticks higher at 113-31 on slightly below average volumes. The pullback in prior days is seen as corrective with resistance eyed at the bull trigger of 115-06+ (Dec 7 high) but further downside could test 113-21+ (Dec 2 low).
  • Data: CPI Nov (0830ET), Real av hourly earnings Nov (0830ET)
  • Bond issuance: US Tsy $18B 30Y Bond re-open (912810TL2) – 1300ET

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