Fed: See You In December

The FOMC spoke about asset purchases at today's meeting but did little else, with the statement largely unchanged and Powell holding his cards close to his chest. With no expectations of any moves at this meeting, with the December FOMC eyed instead, Treasuries were unchanged throughout the Fed decision/press conference.

• That meant that Treasuries held on to losses incurred earlier in the session, with the curve mixed.
• Yields hit lows in the overnight session only to rebound over the course of the day as it became clearer we'd have an election resolution soon (Biden >90% odds of winning based on bookmakers' odds).
• Equities continued to gain throughout the day, S&P eminis >2%, dollar ~1% weaker.
• Albeit a pretty sizeable 7bps range for 10Y Tsys on the day. Futures volume strong by most standards (TYZ0s ~1.57mn contracts traded by 1600ET) but then again, slower than Wed's election-driven 2.88mn.
• The 2-Yr yield is up 0.2bps at 0.1467%, 5-Yr is up 0.3bps at 0.3307%, 10-Yr is up 0.8bps at 0.7713%, and 30-Yr is down 0.5bps at 1.5357%. Dec 10-Yr futures (TY) down 2/32 at 138-29.5 (L: 138-24.5 / H: 139-08.5)
• With the FOMC and Refunding out of the way (neither offering any surprises), the election result remains the biggest event risk - though of course nonfarm payrolls will be keenly watched Friday.