UK PM Hat in Hand; Musk Twitter Tiff

Tsy/Eurodollar futures continue to extend session lows after the close, overall volumes still rather light (TYU2<945k) despite yields grinding to the highest levels since early May (all over 3%: 5YY 3.0368%, 10YY 3.0380%, 30YY 3.1908%). Yield curves bear steepen: 2s10s north of 30.0 again at 30.387 high (+2.921). Tsy 30YY at 3.1798 high (+.0936).

• No data to start the week (no Fed-speak either w/ Fed in Blackout through June 16). Markets pre-occupied with Elon Musk threat to pull out of Twitter bid due to lack of spam/bot documentation, and UK PM Boris Johnson confidence vote in late trade. Main focus on public Jan 6 insurrection hearing that start June 9.
• Limited data Tue: Trade Balance (-$89.4B est) and Wholesale Inventories MoM (2.1% est).
• CPI for May on Friday (0.7% est vs. 0.3% prior). Credit Suisse see core CPI slowing slightly to +0.4% M/M in May (cons. 0.5%) after the reacceleration to 0.6% in April, which should lead to a continued decline in the year-ago rate from 6.2% to 5.8% Y/Y. Risks could be skewed to the upside from goods inflation as we haven't seen the pass-through from supply chain disruptions from China lockdowns.