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What to Watch: June CPI, Another Elevated Reading?

MARKET INSIGHT
Rates trading steady (USU2) to mixed on modest volumes (TYU2 appr 250k) in the lead up to June CPI release. Note, Richmond Fed Barkin stated yesterday he expects another "elevated reading" from the data.
  • Data kicks off at 0830ET:
    • CPI MoM (1.0%, 1.1%); YoY (8.6%, 8.8%)
    • CPI Ex Food and Energy MoM (0.6%, 0.5%); YoY (6.0%, 5.7%)
    • CPI Index NSA (292.296, 295.716); Core (292.289, 294.451)
    • Real Avg Hourly Earning YoY (-2.9% rev, --); weekly (-4.0% rev, --)
    • Later this afternoon:
    • Fed Beige Book at 1400ET
    • Monthly Budget Statement (-$174.2B, -$75.0B), 1400ET
  • Tsy Auctions:
    • US Tsy $30B 119D bill CMB at 1130ET
    • US Tsy $19B 30Y Bond auction re-open (912810TG3) at 1300ET
  • Geopol: US NSA-Russia Deepening Ties w/Iran Should Be Seen As Profound Threat: Speaking ahead of US President Joe Biden touching down in Israel for a 4-day Middle East trip
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