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What to Watch

US TSYS
  • Keeping a close eye on oil related headlines after surprise production cut announcement from OPEC+ Sunday evening. Global rates gapped lower amid concerns the move would rekindle inflation and in turn tighter central bank policy.
  • Markets may be more volatile due to thin liquidity w/ early Friday close ahead Easter weekend/spring holiday for some.
  • Nevertheless, March employment data scheduled for Friday release (+240k est vs. +310k prior); ADP private employ this Wednesday (+210k est vs. +242k prior)
  • Today's data kicks off at 0945ET w/ S&P Global US Manufacturing PMI (49.3 est). Wrapping up at 1000ET: Construction Spending MoM and ISMs.
  • US Treasury auctions: $57B 13W, $48B 26W Bill auctions at 1130ET
  • Fed speak later this afternoon at 1615ET: Fed Gov Cook economic outlook/mon-pol, moderated Q&A event at UofMich, no text.

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