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Twist Steepening Ahead Of PPI Inflation, 30Y Re-Open

US TSYS
  • Cash Treasuries sit with a twist steepening, albeit steepening at a more subdued pace compared to the recent trend.
  • Concerns had mounted earlier of further disruption from China lockdowns, the latest being iPhone maker Pegatron halting Shanghai production, but the sell-off has been unwound.
  • Brainard yesterday on the potential timeline for QT: "We'll decide as soon as May to start reducing the size of the balance sheet in which case those reductions could come as soon as June".
  • 2YY -1bps at 2.395%, 5YY -0.5bps at 2.684%, 10YY +0.8bps at 2.729%, 30YY +1.3bps at 2.823%.
  • TYM2 is down just 1+ tick at 120-14+ after a recent rally, in what appears a corrective bounce. Support is at yesterday’s low of 119-10+ after which it eyes at 119-04+ (low Dec 3 2018 cont), whilst resistance is 121-06+ (Apr 7 high).
  • Data: PPI inflation with added focus after yesterday’s miss in CPI. Core PPI seen +0.5% M/M after +0.2% M/M.
  • Fedspeak: Waller (voter) speaking to CNBC at 1530ET.
  • Bond issuance: US Tsy $20B 30Y Bond auction re-open (912810TD0) at 1300ET after the 10Y tailed yesterday.
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