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What to Watch: Pres Biden Meets w/ Fed Powell re: Inflation

MARKET INSIGHT

Rates trading weaker ahead the opening bell, off early Asia hour lows to near middle overnight range. Tsys came under pressure couple hours after Globex open on reports Fed Chairman Powell will meet with President Biden today at 1315ET today to discuss inflation.

  • WSJ op-ed from late Monday: Joe Biden: My Plan for Fighting Inflation -- I won’t meddle with the Fed, but I will tackle high prices while guiding the economy’s transition to stable and steady growth.
  • Economic data kicks off at 0900ET:
    • FHFA House Price Index MoM (2.1%, 2.0%); QoQ (3.3%, --)
    • S&P CoreLogic CS 20-City MoM SA (2.39%, 1.9%)
    • S&P CoreLogic CS 20-City YoY NSA (20.2%, 19.8%) followed by:
    • MNI Chicago PMI (56.4, 55.1) at 0945ET
    • Conf. Board Consumer Confidence (107.3, 103.8) at 1000ET
    • Conf. Board Present Situation (152.6, --)
    • Conf. Board Expectations (77.2, --)
    • Dallas Fed Mfg Activity (1.1, 1.5) at 1030ET
  • US Tsys auctions:
    • $45B 13W, $42B 26W bill auctions
  • Geopol risk: NATO: RTRS: Turkey Says Sweden, Finland Must Change Laws To Get NATO Access: Reuters reporting that Turkish Foreign Minister Mevlut Cavusoglu has claimed that in order for Ankara to approve their accession to NATO, Sweden and Finland must change their laws regarding terrorism and proscribed Kurdish groups.

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