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Post-CPI, Claims React

US TSY FUTURES
  • Fast two-way as Tsy futures initially extend highs then gap lower after December CPI measures: CPI MoM (0.3% vs. 0.2% est), YoY (3.4% vs. 3.2% est); Ex Food and Energy MoM (0.3% vs. 0.3% est), YoY (3.9% vs. 3.8% est).
  • Mar'24 10Y futures selling off to 111-23 low (-5) after initial bounce to 112-16 high, yield back over 4% to 4.0472% high. Curves flatter at the moment, 3M10Y -137.622 (-1.283), 2Y10Y at -35.006 -1.61.
  • Additionally: Initial Jobless Claims (202k vs. 210k est), Continuing Claims (1.834M vs. 1.870M est).
  • With headline data out of the way, midday Fed speaker focus: Cleveland Fed Mester economic outlook on Bbg TV interview at 1140ET, while Richmond Fed Barkin is expected to repeat "soft landing" speech at 1240ET, Q&A follows, however.

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