MNI China Press Digest Mar 22: Autos, Local Gov, Real-Estate

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Retail sales data to have little impact on the MPC or markets

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Fed Delivers 75Bp Hike, "Have a Ways To Go"

US TSYS

Tsys weaker/off lows following whipsaw reaction to expected, fourth consecutive 75bp rate hike to target range of 3.75%-4.0%. "The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time," the FOMC said.

  • Bonds gapped to new high (30YY dropped to 4.0492%) then quickly fell to session low (30YY 4.1257%) immediately after the annc.
  • Bonds extended lows as Fed Chairman Powell discusses the risk of entrenched inflation and not hiking enough to get it under control. "From a risk management standpoint we want to make sure that we don't make the mistake of either failing to tighten enough or loosening policy too soon."
  • Follow-up comment "It's very premature in my view to be thinking about or talking about pausing our rate hike. We have a ways to go" spurring better selling across the curve. 30YY climbs to 4.1363% high.
  • Harkening back to September's "riskier to hike too little than too much" tone also weighed on stocks, SPX eminis -102.5 to 3763.5 after the bell.
  • Currently, 2-Yr yield is up 5.4bps at 4.5989%, 5-Yr is up 2.6bps at 4.2934%, 10-Yr is up 4.2bps at 4.0838%, and 30-Yr is up 3.1bps at 4.1225%.
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