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T-Notes trade just shy of their late NY highs, last dealing +0-04+ at 133-02+.
- The major cash Tsy benchmarks richened by 1-6bp on Thursday, with 10s outperforming, hitting richest levels since early March. It wasn't all one-way trade, with some brief and limited post-CPI cheapening as the headline and core readings topped consensus, before the richening theme set back in and talk of further short covering did the rounds. Later in the day the latest 30-Year Tsy auction tailed by ~1bp as the cover ratio softened to sub-recent average levels, but the remainder of the metrics were a little more constructive, with dealer takedown sliding to below recent average levels, which allowed the rally to continue into the bell.
- 10s richened on the 5-/10-/20-Year Tsy butterfly, with the structure moving to the lowest levels witnessed since mid-March.
- Breakevens widened, led by the front end in the wake of the CPI print, pressuring real yields.
- Flow was headlined by a late 10K block buy of the TYQ1 133.00 straddle. There was also a 40K block buyer of the EDM1/U1 spread a little earlier in the NY afternoon
- The Asia-Pac docket is particularly thin, while there is little of any real note on Friday's U.S. docket, which is headlined by the latest UoM sentiment reading.