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Resumption of Selling Pressure With Powell Eyed Tomorrow

US TSYS
  • Treasuries have more than unwound an early rally on spillover from softer than expected German regional CPI inflation, reversing as the harmonised measure was more stubborn than the national CPI equivalent suggested. This was followed by heavier corporate issuance, the highlight being Amazon kicking off a five-part dollar bond sale, which helped set the trend for the much of the session, a few gyrations aside.
  • Treasuries see an extension of selling pressure late on, with cash yields 3.5-8bps higher on the day, with the long end leading the move cheaper.
  • TYH3 sits at 112-30 (-9+ ticks on the day) having touched new session lows of 112-28 to come close to testing support at the 50-day EMA of 112-24.
  • A return to a heavier docket tomorrow, headlined by Powell but also with GDP, ADP and MNI Chicago PMI plus additional Fedspeak from Governors Bowman and Cook.
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