Knee-jerk bid after weekly claims declined 12k to 237k vs . 250k est, PPI +0.1% vs. -0.1% est, saw 10s extend highs to 112-25 (+16.5) but just as quickly reverse to 112-16 (+7.5). Curves holding steeper 2s10s +4.828 at -84.267.
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The previously covered FV/UXY flattener block helps the 2-/10-Year Tsy yield spread to fresh session extremes when it comes to the degree of inversion witnessed. The spread is still ~1bp above yesterday’s extreme, which represented the deepest level of inversion seen since the SVB-related volatility observed in March. CPI is due to cross in just under 10 minutes.
Latest block trade lodged at 13:03:36 London/08:03:36 NY: