Commodities have spiked before CPI release🗣️
On the inflation side, while we wait for CPI later today, crude oil, natural gas, and a handful of other commodities have spiked over the past month, with European gas prices rising over 30% on concerns of supply disruptions coming out of Australia (EU Nat Gas +28%, US NG+7%). However, fixed income volumes were reported at just around 65% of normal despite the intraday choppiness in equities, and the 10y auction reopening turned in a respectable performance despite a $2bln notional upsize.
