Free Trial

Modest Bull Steepening Ahead of CPI, Fedspeak

US TSYS
  • Ahead of US CPI, cash Tsys have continued a move richer than started late in yesterday’s session for the front-end and earlier on in the day for the long-end after the 10YY twice failed to sustain a nudge above 3.75%. Today’s modest bull steepening after yesterday’s twist flattening keeps 2s10s relatively rangebound at -80bps.
  • 2YY -2.5bp at 4.495%, 5YY -2.3bp at 3.888%, 10YY -1.3bp at 3.688% and 30YY -0.8bp at 3.765%.
  • TYH3 trades 7 ticks higher at 113-00, just off an earlier high of 113-01+ on unsurprisingly below average volumes ahead of CPI. The push higher has seen the contract move away from trendline support at 112-14+ (drawn from Oct 21 low) whilst resistance remains at the 50-day EMA of 114-00+.
  • Data: CPI Jan (0830ET), Real av earnings Jan (0830ET)
  • Fedspeak: Barkin (0930ET), Logan (1100ET, text), Harker (1130ET, text) and Williams (1405ET, text).
  • Bill issuance: US Tsy $25B 12 Day CMB auction (1130ET)

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.