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Tsys Lower Pre-CPI, Supply, And Possible Asset Purchase Tweaks

US TSYS SUMMARY
Treasuries have headed steadily lower for most of the overnight session, ahead of inflation data, multiple speakers, and 30-Yr supply. NY Fed's op purchase schedule release also merits watching.
  • A bit of bear steepening in the curve: the 2-Yr yield is up 0.6bps at 0.1729%, 5-Yr is up 2.1bps at 0.9017%, 10-Yr is up 2bps at 1.6854%, and 30-Yr is up 1.3bps at 2.3465%. Jun 10-Yr futures (TY) down 4/32 at 131-16 (L: 131-12 / H: 131-23.5)
  • The focal point of the session is the 0830ET release of March CPI data. Earlier, NFIB small biz optimism came in at 98.2 in March (vs 98.5 exp.)
  • A slew of Fed speakers, too, though we've heard from all of them recently. Separately at 1200ET are Philly's Harker and Richmond's Barkin, while KC Pres George intros a Minn Fed event on "Racism and the Economy" at that time. SF's Daly moderates a panel at that event starting 1315ET, and also at the event at 1450ET, Atlanta's Bostic, Cleveland's Mester and Boston's Rosengren participate in a discussion. Bostic closes the event at 1515ET.
  • In supply, Monday's 3-/10-Yr sales are followed up by $40B 42-day bill auction at 1130ET, and $24B 30Y Bond auction at 1300ET.
  • No NY Fed operational purchases, but we get a schedule update at 1500ET - which could show an adjustment in the composition of purchases (as alluded to by SOMA head Logan last week).
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