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What to Watch: GDP, Equity Earnings, 7Y Note Sale

MARKET INSIGHT

FI markets trading mildly higher for the most part, curves mixed with short end weaker, inside overnight range for bonds as markets await data, equity earnings:

  • Data on tap (prior, est) at 0830ET:
    • Initial Jobless Claims (184k, 180k)
    • Continuing Claims (1.417M, 1.400M)
    • GDP Price Index (7.1%, 7.2%)
    • GDP Annualized QoQ (6.9%, 1.0%)
    • Core PCE QoQ (5.0%, 5.5%)
    • Personal Consumption (2.5%, 3.5%) Followed by
    • Kansas City Fed Manf. Activity (37, 35) at 1100ET
  • Rounding up the week's Treasury supply:
    • US Tsy $35B 4W, $30B 8W bill auctions at 1130ET
    • US Tsy $44B 7Y Note auction (91282CEM9) at 1300ET
  • Stocks firmer, near late overnight highs:SPX eminis continue to recover from late Tue's rout. Heavy earnings docket continues: Eli Lilly (LLY), Caterpillar (CAT), Pulte Grp (PHM), Merck (MRK), Hershey (HSY) all announced/beat est.
  • Waiting for Twitter (TWTR) still.
  • After the close: Apple (AAPL), Western Digital (WDC), Intel (INTC), Amazon (AMZN).
  • Geopol risk: Market remains alert for developments on Russia war in Ukraine, knock-on effect to markets. US Pres Biden presser at 1045ET to discuss support for Ukraine.
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