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Powell Headlines Busy Docket

US TSYS

TYH3 deals 113-00 +0-01 in early trade, a touch above levels seen in late NY trading.

  • Cash treasuries bear steepened on Tuesday, running 4-8bp cheaper at the bell. 2s10s inversion continues to ease after printing a fresh cycle extreme last week, now dealing at -72bp.
  • Tsys rallied ahead of NY trade on softer than expected CPI data out of Europe, before unwinding gains as the German harmonsied CPI measure was more stubborn than the state CPI readings suggested.
  • An active IG issuance slate, punctuated by a multi-tranche deal from Amazon, also weighed.
  • Fedspeak from Bullard repeated his call for additional interest rate hikes to a level that will restrict economic growth, setting the stage for a return to more ordinary monetary policy in 2023.
  • In Asia-Pac today we have Australia CPI and China PMIs. Further out we have Eurozone, French and Italian CPI as well as a slew of US data including wholesale inventories, GDP, MNI Chicago PMI and Fed Beige Book. Fedspeak from Bowman and Cook before Chair Powell speaks on the economic outlook and the labour market.
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