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Richer Ahead of US CPI and Solid Docket

US TSYS
  • Cash Tsys trade 2-4.5bp richer, bull flattening, as they feed off expectations surrounding European issuance (good demand at the Irish syndication foreseen and a step down in the pace of wider IG supply vs. the last couple of days).
  • TYH4 trades at or close to session highs of 112-05+, just about within yesterday’s 112-07 and with resistance at 112-19 (Jan 4 high) and a bull trigger at 113-12 (Dec 27 high).
  • Focus is firmly on US CPI (MNI Preview here) with weekly jobless claims adding to the data docket. We then see post-CPI reactions from ’24 voters Mester and Barkin, Barkin repeating a speech and so likely only of note for the subsequent Q&A. 30Y supply rounds out the session after yesterday's modest 10Y tail.
  • Data: CPI Dec (0830ET), Weekly jobless claims (0830ET), Real avg earnings Dec (0830ET), Monthly budget statement (1400ET).
  • Fedspeak: Mester (’24) on Bloomberg TV (1140ET), Barkin (’24) repeats soft landing speech before Q&A (1240ET)
  • Note/bond issuance: US Tsy $21B 30Y Bond re-open auction (1300ET)
  • Bill issuance: US Tsy $80B each 4W, 8W bill auctions (1130ET)
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