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What to Watch: Import/Export Prices, UMich Sentiment, Fed Speak

MARKET INSIGHT

FI trades weaker, curves bear steepening (2s10s +3.24 at 31.67) with bonds trading near overnight lows; moderate volumes (TYM2>325k). Keep an eye out for additional Fed speakers after Chairman Powell roiled the front end after Thu close: "prepared to do more" than 50bp hikes if economic expectations "come in worse than when we expect".

  • Economic data on tap at 0830ET
    • Import Price Index MoM (2.6%, 0.6%); YoY (12.5%, 12.3%)
    • Import Price Index ex-petroleum (1.1%, 0.7%)
    • Export Price Index MoM (4.5%, 0.7%); YoY (18.8%, 19.2%); followed by
    • UofMich sentiment (65.2, 64.0), current conditions (69.4, 69.5) at 1000ET
  • Scheduled FED speakers:
    • MN Fed Kashkari on energy and inflation, no Q&A at 1100ET
    • Cleveland Fed Mester on monetary policy, Q&A at 1200ET
  • US Tsy auctions resume next week:
    • US Tsy $45B 13W, $42B 26W bill auctions Mon at 1130ET
    • US Tsy $34B 52W bills Tue at 1130ET
    • US Tsy $17B 20Y Bond auction (912810TH1) Wed at 1300ET
    • US Tsy $14B 10Y TIPS auction reopen Thu at 1300ET
  • Geopol risk: Russia's state-run RIA reporting comments from the Kremlin stating that President Vladimir Putin discussed the 'potential threats' posed by the impending accession of Finland and Sweden to NATO in the today's National Security Council meeting.
  • Cross-Asset Roundup: Crude firmer (WTI +1.71 at 107.84); Gold weaker (-4.00 at 1817.82); SPX firmer/near highs (ESM2 +42.5 at 3969.75).
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FI trades weaker, curves bear steepening (2s10s +3.24 at 31.67) with bonds trading near overnight lows; moderate volumes (TYM2>325k). Keep an eye out for additional Fed speakers after Chairman Powell roiled the front end after Thu close: "prepared to do more" than 50bp hikes if economic expectations "come in worse than when we expect".

  • Economic data on tap at 0830ET
    • Import Price Index MoM (2.6%, 0.6%); YoY (12.5%, 12.3%)
    • Import Price Index ex-petroleum (1.1%, 0.7%)
    • Export Price Index MoM (4.5%, 0.7%); YoY (18.8%, 19.2%); followed by
    • UofMich sentiment (65.2, 64.0), current conditions (69.4, 69.5) at 1000ET
  • Scheduled FED speakers:
    • MN Fed Kashkari on energy and inflation, no Q&A at 1100ET
    • Cleveland Fed Mester on monetary policy, Q&A at 1200ET
  • US Tsy auctions resume next week:
    • US Tsy $45B 13W, $42B 26W bill auctions Mon at 1130ET
    • US Tsy $34B 52W bills Tue at 1130ET
    • US Tsy $17B 20Y Bond auction (912810TH1) Wed at 1300ET
    • US Tsy $14B 10Y TIPS auction reopen Thu at 1300ET
  • Geopol risk: Russia's state-run RIA reporting comments from the Kremlin stating that President Vladimir Putin discussed the 'potential threats' posed by the impending accession of Finland and Sweden to NATO in the today's National Security Council meeting.
  • Cross-Asset Roundup: Crude firmer (WTI +1.71 at 107.84); Gold weaker (-4.00 at 1817.82); SPX firmer/near highs (ESM2 +42.5 at 3969.75).