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What to Watch: Beige Book, 20Y Bond Re-Open, Equity Earnings, Fed Speak

US TSYS

Treasury futures followed UK Gilts lower overnight, spillover after higher than expected UK inflation data (March CPI +0.8% MoM, +10.1% YoY), and EU HICP core inflation (+5.7% YoY).

  • Curves bear flattening (2s10s -2.390 at -65.139) as 2s underperform (102-24.75 low, yield tops 4.282% high) while projected rate hikes over the next three FOMC meeting firm up (Fed funds implied hike for May'23 at 22bp, Jun'23 +29.4bp cumulative at 5.123%, Jul'23 +25.4bp at 5.083%.
  • Data limited to Federal Reserve Releases Beige Book at 1400ET while MBA Mortgage Applications recently announced: -8.8% last week (5.3% prior).
  • US Treasury supply: $36B 17W Bill auction at 1130ET; $12B 20Y Bond reopen (912810TQ1) at 1300ET.
  • Markets keeping eye out for equity earnings. Already announced: Abbott Labs (ABT) $1.03, Baker Hughes (BKR) $0.28, NASDAQ Inc (NDAQ) $0.69, Citizens Financial (CFG) $1.10, US Bancorp (USB) $1.04, Morgan Stanley (MS) $1.07. Waiting for Ally Financial (ALLY) and Signature Bank (SBNY) before the open.
  • After tomorrow's close: IBM, Kinder Morgan (KMI), Alcoa Corp (AA), Las Vega Sands (LVS), Tesla (TSLA), Discover Financial (DFS), Equifax (EFX), Crown Castle (CCI), Zions Bancorp (ZION).
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