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US TSYS: Paring Overnight Gains Ahead Dec PPI

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries are scaling back from early London session highs, marking the low end of the range in the last few minutes.
  • Focus is on December PPI at 0830ET (prior, est): Final Demand MoM (0.4%, 0.4%), YoY (3.0%, 3.5%) while Ex Food and Energy MoM (0.2%, 0.3%), YoY (3.4%, 3.8%). Wednesday’s US CPI report headlines the weekly calendar, however, with with Bloomberg consensus currently looking for a 0.2% M/M print for core CPI in what’s a close call with a 0.3% M/M.
  • Tsy Mar'25 10Y futures tapping 107-10 (+2.5) low, trading 107-11 last. Initial technical support at 107-06 (Jan 13 low)followed by 107-04 (Low Apr 25 ‘24 and a key support). 10Y yield +.0042 at 4.7821%, curves mixed with 2s10s -.014 at 39.629, 5s30s +1.273 at 37.574.
  • Scheduled Fed speakers for today include KC Fed Schmid (text TBA, Q&A) at 1000ET followed by NY Fed Williams open remarks (text, no Q&A) at 1500ET.
  • Tsy auction: $85B 42D CMBs at 1130ET.
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  • Treasuries are scaling back from early London session highs, marking the low end of the range in the last few minutes.
  • Focus is on December PPI at 0830ET (prior, est): Final Demand MoM (0.4%, 0.4%), YoY (3.0%, 3.5%) while Ex Food and Energy MoM (0.2%, 0.3%), YoY (3.4%, 3.8%). Wednesday’s US CPI report headlines the weekly calendar, however, with with Bloomberg consensus currently looking for a 0.2% M/M print for core CPI in what’s a close call with a 0.3% M/M.
  • Tsy Mar'25 10Y futures tapping 107-10 (+2.5) low, trading 107-11 last. Initial technical support at 107-06 (Jan 13 low)followed by 107-04 (Low Apr 25 ‘24 and a key support). 10Y yield +.0042 at 4.7821%, curves mixed with 2s10s -.014 at 39.629, 5s30s +1.273 at 37.574.
  • Scheduled Fed speakers for today include KC Fed Schmid (text TBA, Q&A) at 1000ET followed by NY Fed Williams open remarks (text, no Q&A) at 1500ET.
  • Tsy auction: $85B 42D CMBs at 1130ET.