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EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

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What to Watch: PPI, Energy Summit

MARKET INSIGHT
Carry-over selling in rates after Wed's hot CPI read, short end continues to underperform, yield curves at 16 year inverted lows (2s10s -3.615 at 26.349) as markets await next inflation metric, June PPI MoM (0.8%, 0.8%); YoY (10.8%, 10.7%).
  • Markets a little skittish as Tsys gapped off lows last few minutes, looking for triggers to cover shorts, bounce coincided with earnings release from Morgan Stanley earnings miss (1.44 vs. 1.57 est) after JP Morgan (2.76 vs. 2.883 est) -- both citing unprecedented volatility and deteriorating macro conditions. Bank of NY Mellon, Wells Fargo, Citi Group, Blackrock, State Stree and US Bancorp on Friday.
  • Data kicks off at 0830ET:
    • Initial Jobless Claims (235k, 235k);
    • Continuing Claims (1.375M, 1.380M)
    • PPI Final Demand MoM (0.8%, 0.8%); YoY (10.8%, 10.7%)
    • PPI Ex Food and Energy MoM (0.5%, 0.5%); YoY (8.3%, 8.2%)
    • PPI Ex Food, Energy, Trade MoM (0.5%, 0.5%); YoY (6.8%, 6.6%)
  • Tsy Auctions:
  • US Tsy $45B 4W, $40B 8W bills at 1130ET
  • Geopol: Energy security, US President Joe Biden is hosting the first leaders' meeting of the I2U2 in Jerusalem, Israel. Indian Prime Minister Narendra Modi. Live stream: https://www.youtube.com/watch?v=6ZNT__W-oW8
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