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Tsys Off Lows Ahead PPI, UofM Expectations, Fed Speakers

US TSYS
  • Cash Tsys looking weaker but are inching off London morning lows, curves largely steady to late Thursday levels ahead of this morning's headline PPI data at 0830ET.
  • Tsys mirrored weakness in EGBs after better then expected UK retail sales overnight, as well as more cautious comments from ECB Schnabel re: inflation, tempering dovish tone from ECB council member Scicluna late Thursday.
  • TYH4 currently -6.5 at 109-31 vs. 109-28 low on moderate volumes of 270k. Nearing initial technical support at 109-17/16+ (50.0% of Oct 19 - Dec 27 climb / Low Feb 14). Resistance above at 110-17.5 (Feb 15 high).
  • Additional data ahead: Housing Starts/Building Permits and NY Fed Services Business Activity at 0830ET. U. of Mich. Sentiment/Inflation Expectations wraps things up at 1000ET.
  • Scheduled Fed speakers include Richmond Fed Barkin Q&A on inflation (no text) at 0800ET, Fed VC Barr on bank supervision (text, Q&A, livestreamed) at 0910ET, and SF Fed Daly NABE Conference (text) at 1210.
  • Late add to the speaker line-up: Atlanta Fed Bostic on CNBC at 1100ET.

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