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Post-CPI React

US TSYS
  • Fast two-way trade as Tsy futures gap higher after lower than expected CPI data:
    • CPI MoM (0.0% vs. 0.1% est, 0.4% prior), YoY (3.2% vs. 3.3% est, 3.7% prior)
    • CPI Ex Food/Energy MoM (0.2% vs. 0.3% est, 0.3% prior), YoY (4.0% vs. 4.1% est)
  • Curves off lows (2Y10Y -0.187 at -40.097) with the short end outperforming. Currently, USZ3 traded 114-31 (+1-22), TYZ3 traded 108-19 (+1-05).
  • TYZ3 trades near initial technical resistance of 108-25 (High Nov 3 and the next bull trigger); Initial support 107-00 (Low Nov 13)

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