Lots at Stake With Important Inflation Data This Week
Lots at Stake With Important Inflation Data This Week
Abstract
Treasuries refused to move any higher than Friday's highs and ultimately moved lower as they followed an EU bond rally. Gains continued at the start of the domestic session, following the 2 main opening bells (CME at 820 and NYSE at 930am). This is a surprisingly strong start with Treasury auctions and CPI data looming in the next 2 days. It's strong enough to consider that yields could already be making a case for a lower ceiling. There are no perfectly well-behaved technical levels. If we treat the ceiling of 3.08 to 3.17-3.17 and the floor from 2.70-2.80, it would capture most of the trading.
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