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Post Veteran's Day Cheapening, Brainard & Biden-Xi Eyed

US TSYS
  • Cash Tsys re-opened after Veterans Day by pulling back off Thursday’s post-CPI highs with news of a notable round of support for China property space and Fed Gov. Waller pushing back on reading too much into a single inflation print, warning we have seen similar before. Limited docket aside from Brainard later but should also see post-meeting comments between Presidents Biden and Xi at an unspecified time.
  • In yield space, 2YY +4.8bps at 4.38%, 5YY +6.5bps at 4.002%, 10YY +7.3bps at 3.886%, and 30YY +5.9bps at 4.074%.
  • TYZ2 trades 9+ ticks lower at 112-01 on above average volumes. It pulls back below the 50-day EMA of 112-12+, a clear break of which would strengthen the case for short-term bulls and open key resistance 113-30 (Oct 4 high), whilst initial support lies at the 20-day EMA of 111-00.
  • Fedspeak: VC Brainard (1130ET), NY Fed’s Williams (1630ET).
  • Bill issuance: US Tsy $57B 13W, $45B 26W bill auctions – 1130ET
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