LOOK AHEAD: Friday Data Calendar: Import/Export Prices, UofM Sentiment
Jul-13 16:06
- US Data/Speaker Calendar (prior, estimate)
- Jul-14 0830 Import Price Index MoM (-0.6%, -0.1%); YoY (-5.9%, -6.1%)
- Jul-14 0830 Import Price Index ex Petroleum MoM (-0.2%, -0.1%)
- Jul-14 0830 Export Price Index MoM (-1.9%, -0.1%); YoY (-10.1%, -11.0%)
- Jul-14 1000 U. of Mich. Sentiment (64.4, 65.5)
- Jul-14 1000 U. of Mich. Current Conditions (69.0, 70.5)
- Jul-14 1000 U. of Mich. Expectations (61.5, 62.0)
- Jul-14 1000 U. of Mich. 1 Yr Inflation (3.3%, 3.1%)
- Jul-14 1000 U. of Mich. 5-10 Yr Inflation (3.0%, 3.0%)
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GILTS: 2Y Under Renewed Pressure, Yields Set For Biggest 1D Rise Since Sep '22
Jun-13 15:56
UK 2 Year yields hitting fresh session highs with under 10 minutes to go to the cash close: with its rise of over 26bp on the day (last 4.898%) this is set to be the biggest 1-day increase since September 26th 2022's 61bp rise. See chart
Source: BBG
US TSYS: Front End Cheapening Impetus Reverses Post CPI Steepening
Jun-13 15:43
- The combination of the 1100ET announcement of decent increases to bill sizes plus Fed OIS implied rates pushing higher (Dec’23 +5bps on the day) has helped spur some further cheapening bias at the front-end with 2YY briefly touching highs since Mar 10 before pulling back 1-1.5bps for still +5bps on the day.
- The front end action has dragged the rest of the yield curve higher still, for an intraday flattening in a reversal of post-CPI steepening, with 2 through 10 benchmark yields +5-6bps on the day after the latest paring of losses.
- TYU3 also briefly pushed session lows of 113-02+, through yesterday’s 113-03 and nearer to key support at 112-29+ (May 6/30 lows) after which would lie 112-16 (76.4% retrace of Mar 2 - May 4 rally).
BELGIUM AUCTION PREVIEW: Jun 19 OLO Lines For Sale
Jun-13 15:41
Belgium to sell the following bonds at the June 19 auction, sizes TBA:
- 0.00% Oct-27 OLO (ISIN: BE0000351602, OL91)
- 3.00% Jun-33 OLO (ISIN: BE0000357666, OL97)
- 3.30% Jun-54 OLO (ISIN: BE0000358672, OL98)
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