End Of Day Report

Todays headlines

- Econostream citing an ECB insider "some indicators suggest core inflation momentum is not weakening"

- Fed's Bostic (2024 voter, neutral) maintains view Fed policy rate needs to rise to 5.00-5.25% range, policy rate will need to remain at that level well into 2024

- ECB's Visco says the pace of further rate hikes beyond March will continue to be decided on the basis of incoming data and its impact on the inflation outlook

- Bostic's view differs from voting hawk Kashkari who said he is leaning towards continuing to push up his policy path view from his 5.4% view in December

- The Israeli Minister for Strategic Affairs and National Security Adviser are expected to visit Washington early next week for meetings with senior Biden administration officials that will focus on Iran, according to Axios citing officials

Economic update

Rates are higher yet again after ISM Prices Paid came in higher than expected. Long-end seems trapped and caught between inflation and (eventual) recession cross-currents. Two-week range of closes about as tight as UST30 has experienced in over a year. Building trending energy which could be explosive if it topples the already fragile S&P