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Pressured After CPI Print

US TSYS

TYZ3 deals at 107-11, +0-03+, in line with late NY levels.

  • Cash tsys finished 8-16bps cheaper across the major benchmarks, the curve bear steepened.
  • Tsys were pressured after Wednesday's CPI print was firmer than expected. Headline CPI rose 0.396% in September, ~0.1% higher than expected.
  • Losses extended after the latest 30-Year Supply tailed, a weaker than average bid/cover ratio was observed.
  • TY has erased the majority of its weekly gains and sits a touch above early Monday levels. We remain well above support at 106-14, 2.0% lower bollinger band.
  • Reuters have reported this morning that "Fed Chair Powell will deliver prepared remarks and respond to questions from a moderator at the midday event in New York, according to senior Fed officials' weekly event schedule updated each Thursday."
  • In Asia today CPI & PPI from China headline. Further out we have Terms of Trade and UofMich Consumer Sentiment. Fedspeak from Philadelphia Fed President Harker crosses.
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