What to Watch: PPI, Geopol Risk, Fed Gov Waller, Equity Earnings

Rates trading steady to mixed - off lows to near middle overnight range, decent volumes (TYM2>450k) after buying emerged in early London trade. Tsy curves continue to march steeper, 2s10s +3.271 at 34.449 vs. -9.561 inversion early April 4, 5s30s off inversion: +2.073 at 5.096.

• Geopol headlines getting some attn as Sweden and Finland appear closer in joining NATO (see 0636ET and 0732ET bullets), potentially expanding NATO-aligned country boarders w/ Russia threefold to appr 1000 miles from 300 now.
• Equity earnings cycle kicks off with multiple banks releasing (JPM and Blackrock out, GS, MS, BAC, WF, USB, BK on tap)
• Headline data Mar PPI at 0830ET:
  • PPI Final Demand MoM (0.8%, 1.1%); YoY (10.0%, 10.6%)
  • PPI Ex Food and Energy MoM (0.2%, 0.5%); YoY (8.4%, 8.4%)
  • PPI Ex Food, Energy, Trade MoM (0.2%, 0.5%); YoY (6.6%, 6.6%)
• Fed speakers scheduled:
  • Fed Gov Waller CNBC interview at 1530ET
• Tsy auctions: $20B 30Y Bond re-open follows $30B 119D bill CMB today, 4W and 8W bills tomorrow wrap up the week's Tsy supply
• Look ahead: Retail Sales Thursday (Adv MoM 0.6%).
• FI markets close 1300ET Thursday, closed for Good Friday ahead Easter Sunday.