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Bonds Extending Highs

US TSYS
Bonds leading Tsy futures higher after the bell, 30YY tapped 3.5154% low before bouncing to 3.5202% at the moment. Short end still lagging w/ yield curves flatter but off lows as Fed Chairman Powell ends his press conference Q&A session. 2s10s currently -2.576 at -74.909.
  • Bonds initially lead the bounce back above pre-FOMC levels as Fed Chairman Powell answered question over size and pace of future hikes to bring inflation back to 2%. After raising 425bp this year, Powell said "we're into restrictive territory, it's now not so important how fast we go. It's far more important to think what is the ultimate level and then at a certain point, the question will become how long do we remain restrictive."
  • Trying to anticipate another step-down in rate hikes, pundits working themselves into knots over best estimate "as of today" comment as opening the door to a 25bp hike in early 2023 if inflation data continues to soften.
  • Stocks slower to react, did rebound to mildly higher by the FI close are weaker, holding inside session range: ESH3 -40.0 at 4015.0.
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