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Fed Chairman Powell Presser React

US TSYS
  • Still off the midmorning highs -- Treasury futures have nevertheless climbed back above the pre-FOMC annc level. Tsy Sep'24 10Y futures +6.5 at 111-24.5 vs. 111-28 morning high. Curves are climbing off lows, 2s10s now -1.660 at -23.733 vs. -23.979 low.
  • Chairman Powell continues to thread the policy needle at current press conference, rate gained after Powell said a rate cut could be in September if inflation continues to cool and the labor market remains. Inflation has eased notably over the past two years, but remains somewhat above our longer run goal of 2%.
  • Powell wary of giving a baseline path/forward guidance with no SEP this meeting , next projection at the September meeting.
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