US Open

$IG prints are unch to wider, no clear skew from €IG either - indices continuing without direction this week as rates vol subsides for quieter macro week - that may change on tomorrow's CPI revisions ("from 8:30am ET"/1:30pm Lon) - our US Economist sees analyst expectations ranging from little impact to upward revisions for Q4, but consensus appears to be for a smaller impact than last year's revision. S&P futures are flat - similar to credit plenty of vol in pre-market for single names on earnings.

$IG finished +0.4 wider yesterday, signs of HY posting a stronger move tighter across the buckets. One $IG Issuer was expected today, Boardwalk Pipelines (Baa2, BBB-, BBB-) coming post-claims for a 10y (IPT +170). WTD $IG supply $41b well above c$25-30b, Dow's $650m 30y was covered 3.4* but went through curve on both the 10 & 30y. With rates holding at recent highs we haven't seen a firm skew to long-end supply or spread curve steepening. 30y UST Auction comes at 6pm Lon/1pm ET.

ETF outflows in $ space look to be picking up pace - VCIT saw $1.4b in outflows and it follows large outflows from LQD on Tuesday. Fund flow reporting tomorrow won't capture some of this recent turn. No noticeable impact in primary metrics yet. Mutual fund flows for €IG will be one to watch as well tomorrow - saw outflows from IEAC through the week.