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Treasuries Bear Flatten Ahead Of CPI

US TSYS
  • Short-dated Tsys have partially unwound yesterday’s post-Powell rally, with 2Y yields +1.8bps at 0.901% as Tsys bear flatten.
  • 2Y yields 1.8bps at 0.901%, 5Y +0.7bps at 1.506%, 10Y +0.4bps at 1.739% and 30Y +0.2bps at 2.064%.
  • The 2Y remains 4bps below yesterday’s pandemic era high of 0.9429% after Mester comments of March being live and before Powell’s hearing. The move was largely as London came in after a subdued overnight where short-term inflation expectations were modestly dampened by weaker-than-expected Chinese CPI & PPI.
  • US CPI is at 0830ET/1330GMT with a relatively narrow consensus for another strong +0.5% M/M on continued strength in car prices and shelter along with medical prices and airfares.* Tsy issuance later for bills ($40B 119D CMB bill) and longer end ($36B 10Y re-open).
  • Fedspeak: Kashkari (2023 voter) discusses the economic outlook at 1300ET.
  • Tsy issuance: $40B 119D Bill CMB bill auction (1130ET), $36B 10Y re-open (1300ET).
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