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Fed Chairman Powell Presser React

US TSY FUTURES
  • Tsys remain bid, looking to test initial post-FOMC highs as Chairman Powell's press conference continues.
  • Powell reiterates the "stance of policy is restrictive, mean that tight policy is putting downward activity on inflation and the full effects of inflation have yet to be felt."
  • Chairman Powell adds "labor market remains tight but supply and demand conditions tend to come in better balance. Payroll job gains averaged 266,000 jobs per month, a strong pace that is nonetheless below the same earlier in the year."
  • Dec'23 10Y currently trading 106-25.5 (106-29.5 high). 10Y yield at 4.7866% -.1441. Curves remain flatter, 3M10Y -14.063 at -68.530, 2Y10Y -3.570 at -19.650.

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