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10Yr Yield Hits Fresh Highs Ahead Of Fed

US TSYS SUMMARY
Treasuries are taking a bearish stance ahead of the FOMC decision later, with 10-Yr yields climbing steadily since midnight ET to a fresh post-Jan 2020 high (1.6444%).
  • The 2-Yr yield is up 0.4bps at 0.1531%, 5-Yr is up 1.2bps at 0.8406%, 10-Yr is up 2.3bps at 1.6409%, and 30-Yr is up 1bps at 2.3887%.
  • Jun 10-Yr futures (TY) down 6/32 at 131-24.5 (L: 131-24 / H: 131-31), unremarkable overnight volume for the 2nd consecutive session (~260k traded at 0630ET), though some noteworthy block flow in options in Asia-Pac, incl TYJ1 puts bought at strikes 130.00 (3.75k) and 131.00 (20k).
  • Dollar and stocks off earlier session highs.
  • FOMC decision out at 1400ET with Powell press conference a half hour later.
  • We get some data as well: Feb Housing Starts/ Building Permits at 0830ET. Otherwise not much of note on the calendar.
  • $35B bill sale at 1130ET; no NY Fed purchases due to FOMC meeting.
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