Morning Juice – US Session Prep (12th May)

Sentiment
The dollar index and Treasury yields surged ahead of US inflation data, with benchmark levels trading at a one-week high before a 10-year auction. US Treasury Secretary Scott Bessent echoed his Japanese counterpart Satsuki Katayama when he described excess foreign-exchange volatility as undesirable. Brent crude surged above $107 per barrel on renewed concerns that the US-Iran ceasefire may break down. GBP/USD fell as much as 0.8%, leading G-10 losses against the dollar, and a political crisis sent UK 30-year yields to the highest since 1998. Shipping activity in the Strait of Hormuz remained halted on Tuesday, with oil increasing after Trump rejected Iran’s latest offer and suggested the ceasefire would not last.

Docket
08:30 ET
US CPI for April
YoY – Forecast: 3.7% | Prior: 3.3% | Range: 3.9% / 3.5%
MoM – Forecast: 0.6% | Prior: 0.9% | Range: 0.8% / 0.4%
Core YoY – Forecast: 2.7% | Prior: 2.6% | Range: 2.9% / 2.6%
Core MoM – Forecast: 0.3% | Prior: 0.2% | Range: 0.5% / 0.2%

13:00 ET
US sells $42 bln 10-Year Notes
Prior High Yield: 4.282%
Prior Bid-to-cover: 2.43

Speakers
11:00 ET
Trump participates in a Print Interview

13:00 ET
Fed’s Goolsbee speaks at Greater Rockford Chamber of Commerce Luncheon.
Text: TBD. Q&A: Yes, moderated

Good luck!