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What to Watch: PPI, Wkly Claims, Senate Confirm Powell Expected

MARKET INSIGHT

FI trades stronger, adding to Wed rally with levels near midmorning London session highs. Heavier volumes (TYM2>685k), as yield curves extend bull flattening (2s10s -4.036 at 23.703 vs. Mon's 49.297 high).

  • Economic data on tap at 0830ET
    • PPI Final Demand MoM (1.4%, 0.5%); YoY (11.2%, 10.7%)
    • PPI Ex Food and Energy MoM (1.0%, 0.6%); YoY (9.2%, 8.9%)
    • PPI Ex Food, Energy, Trade MoM (0.9%, 0.6%); YoY (7.0%, 6.5%)
    • Initial Jobless Claims (200k, 192k)
    • Continuing Claims (1.384M, 1.368M)
  • FED speakers: Senate confirmation of Fed Chairman Powell expected today. Meanwhile, SF Fed Daly moderated discussion re: monetary policy at 1600ET cancelled.
  • US Tsy auctions:
    • US Tsy $35B 4W, $30B 8W bill auctions at 1130ET
    • US Tsy $22B 30Y Bond auction (912810TG3) at 1300ET
  • Geopol risk: Gas Situation Escalating, Russia Weaponising Energy: Comments from German Economy Minister and Vice-Chancellor Robert Habeck speaking at a presser. Habeck states that the 'gas situation is escalating' and that Russia is 'weaponising energy'.
  • Separately, US Senate looking to pass $40B Ukraine aid bill today.
  • Cross-Asset Roundup:Crude mildly weaker, West Texas crude still over 100.0 after Wed's rally (WTI -1.29 at 104.42); Gold giving back some ground (-5.15 at 1847.25); SPX little weaker/off recent lows (ESM2 -7.5 at 3922.75) earnings winding down.
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