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Soft CPI Sees Yields Tumble

US TSYS

TYZ3 deals at 108-27, -0-02, in line with late NY levels.

  • Cash tsys finished 13-22bps richer across the major benchmarks, the short end and belly lead the bid.
  • Tsys gapped higher after the October CPI print was softer than expected with the headline number printing at 0.0% M/M.
  • TY breached resistance at 108-28+, high from Nov 14, before paring gains. The next target for bulls is 109-20, high from Sep 19. Support comes in at 107-00, low from Nov 13.
  • The USD was pressured, BBDXY fell ~1.2% and S&P500 rose ~2%. FOMC dated OIS now price a 50bp rate cut by July.
  • In Asia today the highlight is Australian WPI. Further out we have retail sales, business inventories, PPI and Empire manufacturing. Fedspeak from VC Barr is also due.
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