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What to Watch: CPI, Atl Fed Bostic, 10Y Note Sale, Oil Sanctions


FI trades stronger, near midmorning London session highs on moderate volumes (TYM2>305k), yield curves adding to prior session flattening (2s10s -3.765 at 33.671, 5s30s -.321 at 7.113).

  • Economic data on tap at 0830ET
    • CPI MoM (1.2%, 0.2%); YoY (8.5%, 8.1%)
    • CPI Ex Food and Energy MoM (0.3%, 0.4%); YoY (6.5%, 6.0%)
    • CPI Index NSA (287.504, 288.715); Core Index SA (288.811, 289.822)
    • Real Avg Hourly Earning YoY (-2.7%, --); Wkly Earnings YoY (-3.6%, --)
  • FED speakers:
    • Atlanta Fed Bostic on monetary policy from World Affairs Council of Jacksonville, no text, Q&A at 1200ET
  • US Tsy auctions:
    • $30B 119-Day bill auction at 1130ET
    • $36B 10Y Note auction (91282CEP2) at 1300ET
  • Geopol risk: Continued EU Russia oil sanctions pushback from Hungary: "Hungary foreign minister says the only realistic way to an oil embargo on Russia is if it only relates to maritime shipping of oil, pipeline shipments should be fully exempted", Rtrs.
  • Separately: Wires reporting that negotiations are underway in Tehran between Iranian and EU teams seeking a last-ditch deal on reviving the Iran nuclear deal (Joint Comprehensive Plan of Action, JCPoA).
  • Cross-Asset Roundup:Crude rebounds, West Texas crude back over 100.0 (WTI +3.50 at 103.26); Gold continues to strengthen (+14.40 at 1852.67); SPX holding modest gains (ESM2 +45.0 at 4042.0) earnings winding down.

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