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What to Watch:PPI, Retail Sales, Wkly Claims, Biden Address, UAW Strike

US TSYS
  • US rates trading softer, poised to extend late overnight lows. Dec'23 10Y futures -2.5 at 109-30 at the moment, yield 4.2585 (+.010), on moderate volume of 228k.
  • Focus on next round of data at 0830ET: weekly claims, PPI and retail sales followed by business inventories at 1000ET.
  • Treasury supply wraps up the week with $80B 4W, $70B 8W Bill auctions at 1130ET.
  • Headline watching: President Biden will deliver, “a major economic address" in Maryland today (time TBA), "laying out the contrast between Bidenomics and Republicans’ failed trickle-down economic policies.” Unlikely to hear any resolution on US gov funding after partisan impeachment inquiry of President Biden launched two days ago.
  • Watching for UAW strike headlines over pay hikes "would be its first-ever simultaneous strike against the Detroit Three automakers if agreements are not reached by late Thursday," Reuters reported.

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