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What to Watch: CPI Inflation Metrics, Weekly Claims, Fed Speak

US TSYS
  • Tsy futures bid and extending highs (TYH4 +11 at 112-07) ahead eagerly CPI data for December, weekly claims and average hourly earnings figures at 0830ET. Monthly Budget Statement later this afternoon at 1400ET.
  • Consensus puts core CPI inflation at 0.3% M/M in December, with risk seen to the downside. If analysts are correct, supercore trend rates are likely to remain very strong at 4% annualized handles, but treat with some caution as differences in methodology have seen core PCE at notably weaker rates in recent months.
  • Scheduled Fed speakers: Cleveland Fed Mester economic outlook on Bbg TV interview at 1140ET, while Richmond Fed Barkin is expected to repeat "soft landing" speech at 1240ET, Q&A follows, however.
  • Wrapping up the weeks Treasury supply: $80B each 4W, 8W bill auctions at 1130ET, $21B 30Y Bond re-open auction at 1300ET.

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