US TSYS/RESEARCH: David Ader, head of Tsys research at CRT, noted that
the “main pieces of data are skewed to the friendly side with CPI
softer than anticpated and the Core CPI up 0.1% as expected but barely
as the unrounded figure was up +0.05262%.” He added that “the claims
data was a bit higher than expected and this is the NFP survey week”
while “emergency/extended claims rose to a record and suggests that
duration of unemployment and UNR more broadly will remain high in the
next NFP report.” He adds that the 2/10Y curve was “flatter on this and
we note 2s/10s support at 270 bp” and adds that “the charts are cuspy
in 10s for a potential break to the recent range lows near 3.53+%” vs.
the current 3.647% level.