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Free AccessRenewed Cheapening With CPI Revisions and U.Mich Ahead
- Cash Tsys have seen a resumption of cheapening pressure seen after yesterday’s 30Y tail sparked a large sell-off, coming through the European session after a pause through Asia hours with focus on BoJ leadership. It’s part of a broader higher for longer trend that continues as 2023 rate cut expectations are trimmed further.
- 2YY +3.3bp at 4.515%, 5YY +4.5bp at 3.903%, 10YY +4.6bp at 3.703% and 30YY +3.8bp at 3.773%. The relatively parallel shift across the curve sees 2s10s at -81bps consolidate a pull back off yesterday’s fresh multi-decade lows of -87bps.
- TYH3 trades 5 ticks lower at 112-28 as it moves off session lows of 112-25. It has pushed through support at both 113-05+ (Feb 7 low) and 112-29 (76.4% retrace of Dec 30 – Jan 19 bull run), opening 112-18+ (Jan 5 low) as it plays on the bear threat seen.
- Data: CPI SA revisions (0830ET - see here), U.Mich preliminary consumer survey for Feb (1000ET), Monthly budget statement Jan (1400ET)
- No further issuance after yesterday’s 30Y tail sparked a large sell-off across the curve.
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Why MNI
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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.