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What to Watch: PPI Revisions, Fed Speakers

US TSYS
  • Tsys mildly bid after extending Tuesday's sell-off to new cycle lows overnight: Mar'24 10Y trading 109-23 (+3) after marking 109-16.5 low, yield tapped 4.3301% high, levels not seen since early Dec'23. Rather decent overnight volumes (TYH4>500k) as rates recovered following UK CPI miss (soon tempered by EU IP strength notably in Ireland).
  • Focus on PPI revisions from BLS this morning: "seasonal adjustment factors and relative importance figures are recalculated to reflect price movements from the just-completed calendar year", similar to CPI revision timing "after" 0830ET.
  • Scheduled Fed speakers: Chicago Fed Goolsbee, Council of Foreign Relations, NY (Q&A, livestreamed) at 0930ET, followed by Fed Vice Chair Barr on monetary policy and bank regulations (text, Q&A, livestreamed) this afternoon at 1600ET.
  • US Treasury auction $60B 17W Bill auction at 1130ET.

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