GERMANY: Handelsblatt Report on Lingering Uncertainties Ahead of Bundestag

MNI BRIEF: German Economy "Treading Water", Prices Stable -Ifo

MNI BRIEF: China To Release Childcare Subsidies, Boost Income

MNI BRIEF: PBOC Mulls New Tools Targeting Consumption

MNI BRIEF: China House Prices Up In February

MNI BRIEF: China Data Shows Good Foundation Despite Issues

EZ/UK Bond Supply Calendar: UK, Finland Due Tuesday

EZ/UK T-Bill Calendar: 6-Month ESM-Bill Auction on Tuesday

MNI: US JAN BUSINESS INVENTORIES +0.3%; SALES -0.8%

GERMANY: Union/SPD Migration Alignment After Turmoil Threatened Debt Deal (BILD)

GERMANY: Official Interim Election Results Tilt Towards Missing BSW & FDP

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US TSYS: PPI/PCE Details, Reciprocal Tariff Implementation Delay

US TSYS
USBulletMarketsFixed Income BulletsNorth America
  • Treasuries look to finish near late session highs Thursday, back near Wednesday's pre-CPI levels despite higher than expected PPI and up-revisions this morning, while a delay in implementing reciprocal tariffs to early April buoyed market sentiment.
  • The PCE-relevant components of PPI have clearly set the tone with the market's dovish reaction to the release but the aggregate series were still notably stronger than expected. Overall PPI final demand inflation printed at 0.40% M/M sa (cons 0.3) after a heavy upward revision of 0.50% (initial 0.22) in Dec although that was partly offset by a downward revised 0.23% (initial 0.38) in Nov.
  • US President Trump has signed a measure ordering his administration (namely the USTR and Commerce Secretary) to propose country-by-country reciprocal tariffs. The tariff rates would be determined on a country-by-country basis, in what would appear to be a complex process.
  • Treasury Mar'25 10Y futures trade +21 at 108-29.5 after the bell vs 109-01 high, just below initial technical resistance at 109-08.5 (50-day EMA). 10Y yield -.0939 at 4.5269% while curves bull flattened: 2s10s -4.789 at 21.596, 5s30s -2.024 at 34.243.
  • Cross asset update: extended late session lows (BBDXY -8.37 at 1292.82), stocks rallied back over last Friday's highs (SPX Eminis +57.25 at 6130.0) when talk of reciprocity weighed heavily on stocks.
208 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
  • Treasuries look to finish near late session highs Thursday, back near Wednesday's pre-CPI levels despite higher than expected PPI and up-revisions this morning, while a delay in implementing reciprocal tariffs to early April buoyed market sentiment.
  • The PCE-relevant components of PPI have clearly set the tone with the market's dovish reaction to the release but the aggregate series were still notably stronger than expected. Overall PPI final demand inflation printed at 0.40% M/M sa (cons 0.3) after a heavy upward revision of 0.50% (initial 0.22) in Dec although that was partly offset by a downward revised 0.23% (initial 0.38) in Nov.
  • US President Trump has signed a measure ordering his administration (namely the USTR and Commerce Secretary) to propose country-by-country reciprocal tariffs. The tariff rates would be determined on a country-by-country basis, in what would appear to be a complex process.
  • Treasury Mar'25 10Y futures trade +21 at 108-29.5 after the bell vs 109-01 high, just below initial technical resistance at 109-08.5 (50-day EMA). 10Y yield -.0939 at 4.5269% while curves bull flattened: 2s10s -4.789 at 21.596, 5s30s -2.024 at 34.243.
  • Cross asset update: extended late session lows (BBDXY -8.37 at 1292.82), stocks rallied back over last Friday's highs (SPX Eminis +57.25 at 6130.0) when talk of reciprocity weighed heavily on stocks.