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Pricing In Rate Hikes While Yld Curves Bear Steepen

US TSYS
Tsys trading weaker after the bell, near middle of session range, 30YY at 3.0607% (+.0972) after the bell vs. 3.0820H. Yield curves bear steepening (2s10s +5.745 at 31.543; 5s10s +2.190 at 4.056).
  • Early pressure in FI mkts tied to several factors focused on rate hikes to combat rising inflation: Initial pressure appr two hours after Asia open came from WH statement US Pres Biden will meet with Fed Chair Powell today to discuss economy and inflation. WH spokesman Deese did not reveal anything new at the late session presser, but underscored Pres Biden/Chair Powell's focus in reducing inflation.
  • Though oil prices receded late, trading desks also cited higher crude levels (see 1526 and 1442ET bullets) and record Eurozone inflation figures (consumer prices +8.1% vs. +7.8% est).
  • Little react to earlier data: FHFA HPI Q/Q SA +4.6% vs. +18.7% Q1 2021, US May Consumer Confidence: 106.4 vs. 103.6 estimate but lower than last month's 107.3.
  • Latest Chicago Business BarometerTM found supply chain disruptions to have worsened in May with offshore sourcing the key driver. bi-monthly special question of whether firms were seeing easing up in supply blockages found the majority of respondents were not seeing any easing of supply chain disruptions (61.7%), followed by just under a third experiencing some easing (31.9%).
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