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What to Watch: UofM Sentiment, Fed Speak, Earning Cycle Kicks Off

US TSYS
Tsys trading softer, near recent overnight lows; 30YY currently 3.6144% +.0375 vs. 3.6218% high, yield curves bouncing off lows (2s10s +2.440 at -68.260). Decent volumes (TYH3>380k)
  • Eeconomic data that kicks off at 0830ET:
    • Import Price Index MoM (-0.6%, -0.9%); YoY (2.7%, 2.2%); Export Price Index MoM (-0.3%, -0.7%); YoY (6.3%, 7.3) followed at 1000ET by:
    • U. of Mich. Sentiment (59.7, 60.5); Current Conditions (59.4, 60.0); Expectations (59.9, 59.0); 1 Yr Inflation (4.4%, 4.3%).
  • Fed Speakers:
    • MN Fed Kashkari open remarks at 1000ET
    • Philly Fed Harker eco-outlook, text, Q&A, 1020ET
  • Equity earning cycle kicked off this morning, financials leading first releases: Wells Fargo (WFC) miss: $19.66B revenue vs. $19.95B est, Blackrock (BLK) beat: $4.34B revenue vs. $4.25B est, JPM eps beat: $3.57 vs. $3.10 est but shares trade weaker as income interest of $73B missed $74.43B est.
  • Non-financials: United Health (UNH) beat, $5.34 vs. $5.17 est, Delta Air (DAL) beat $1.48 vs. $1.301 est.

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