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Tsys Weaker, But Near Highs, Dec Step-Down Still Alive

US TSYS

Still weaker, Tsys near top end of session (and overnight range, for that matter) amid two-way positioning ahead the weekend. Light volumes (TYZ2<650k) due to Veterans Day/bank holiday despite full session hours on screen.

  • Tsys pared back a small portion of Thu's post-CPI rally, opening moderately lower Friday. Markets still digesting the Oct CPI data: An unexpectedly softer U.S. CPI report for October paints a rosier picture of moderating inflation than is likely the case, Atlanta Fed economist Brent Meyer told MNI.
  • Roughly 60% of the CPI basket is still rising at rates above 5%, and alternative measures of underlying inflation remain "very elevated, reflecting broad-based price pressure," he said.
  • Little react to preliminary November reading of consumer sentiment from the University of Michigan of 54.7 vs. 59.5 est. Rates and equities gradually pared losses (stocks posting gains in the second half) as participants square up ahead the weekend, slow start to next week.
  • Fed Gov Waller kicks things off Sunday evening from Australia. PPI data on Tuesday. Tsy coupon supply starts Wednesday w/ $15B 20Y Bond, 10Y TIPS re-open on Thursday.
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Still weaker, Tsys near top end of session (and overnight range, for that matter) amid two-way positioning ahead the weekend. Light volumes (TYZ2<650k) due to Veterans Day/bank holiday despite full session hours on screen.

  • Tsys pared back a small portion of Thu's post-CPI rally, opening moderately lower Friday. Markets still digesting the Oct CPI data: An unexpectedly softer U.S. CPI report for October paints a rosier picture of moderating inflation than is likely the case, Atlanta Fed economist Brent Meyer told MNI.
  • Roughly 60% of the CPI basket is still rising at rates above 5%, and alternative measures of underlying inflation remain "very elevated, reflecting broad-based price pressure," he said.
  • Little react to preliminary November reading of consumer sentiment from the University of Michigan of 54.7 vs. 59.5 est. Rates and equities gradually pared losses (stocks posting gains in the second half) as participants square up ahead the weekend, slow start to next week.
  • Fed Gov Waller kicks things off Sunday evening from Australia. PPI data on Tuesday. Tsy coupon supply starts Wednesday w/ $15B 20Y Bond, 10Y TIPS re-open on Thursday.