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TYZ2 Sets New Post-CPI Highs

US TSYS
  • Cash Tsys largely looked through weaker than expected China economic data and G20-related communique suggesting continued differences re the Russia-Ukraine war, only for an increasingly large bid through European hours despite a larger than expected bounce in German ZEW sentiment.
  • A terminal rate drifting back to Friday close levels keeps downward pressure on front end yields but with broad pressure also across the curve: 2YY -3.8bps at 4.351%, 5YY -5.6bps at 3.934%, 10YY -4.3bps at 3.811%, and 30YY -2.5bps at 4.011%.
  • TYZ2 trades 12+ ticks higher at 112-16+, close to session highs of 112-21+ that form initial resistance having pushed through post CPI highs of 112-19 on above average volumes. It opens key resistance at 113-30 (Oct 4 high) having cleared the 50-day EMA of 112-12+.
  • Data: PPI inflation for Oct with usual implications for core PCE and Empire manufacturing, both at 0830ET.
  • Fedspeak: Harker (’23 voter, text) 0900ET, Gov Cook 0900ET and VC Supervision Barr (text) 1000ET.
  • No issuance.
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