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What to Watch: Tsy Auctions, CPI, PPI and FOMC

  • Near late overnight lows, Tsy futures are trading near lows for the month in a concession to today's $50B 3Y Note and $37B 10Y Note R/O auctions (in addition to 13- and 26W bills). Currently, 3s are 23bp cheaper, 10s 25.5bp cheaper to last month's sale.
  • Otherwise, it's a relatively quiet start to the week with NY Fed 1-Yr Inflation Expectations at 1100ET. Main focus on Wednesday's FOMC annc after Tuesday's CPI and early Wednesday's PPI. Retail Sales on Thursday.
  • Geopolitical factors to keep an eye on: Ukraine President Zelenskyy to visit DC this week "to deliver a last-minute plea for aid even as GOP opposition continues to grow," Punchbowl News reports.
  • Additionally, "the House Rules Committee has a Tuesday markup scheduled on a resolution formalizing the Biden impeachment inquiry," while the "Senate is on track to pass the annual defense authorization bill as soon as Wednesday."

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