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FOMC Tops Data, Chairman Powell Presser, Forward Guidance Focus

US TSYS
Tsys trading mildly weaker on modest volumes (TYU2<225k) ahead this afternoon's FOMC policy annc, 75bp hike widely expected/priced in, Fed chairman Powell's press conference 30 minutes after the release (no summary of economic projections at the current meeting, next on Sep 20-21).
  • With ongoing hikes likely deemed "appropriate" focus on statement and any clue to magnitude of Sep 21 annc given softer economic data and moderating inflation expectations.
  • Bonds underperforming 10s, TYU2 contract maintains a firmer short-term tone and price is trading closer to the top of this month's range. Attention is on the bull trigger at 120-16+, the Jul 6 low.
  • Data on tap: U.S. durable goods orders, wholesale inventories & pending home sales.
  • Treasury auctions: $24B 2Y FRN note auction (91282CFD8) at 1300ET after $30B 119D bill auction at 1130ET.
  • Currently, the 2-Yr yield is unchanged at 3.0528%, 5-Yr is down 2.2bps at 2.8818%, 10-Yr is down 1.1bps at 2.7959%, and 30-Yr is down 0.3bps at 3.0243%.
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Tsys trading mildly weaker on modest volumes (TYU2<225k) ahead this afternoon's FOMC policy annc, 75bp hike widely expected/priced in, Fed chairman Powell's press conference 30 minutes after the release (no summary of economic projections at the current meeting, next on Sep 20-21).
  • With ongoing hikes likely deemed "appropriate" focus on statement and any clue to magnitude of Sep 21 annc given softer economic data and moderating inflation expectations.
  • Bonds underperforming 10s, TYU2 contract maintains a firmer short-term tone and price is trading closer to the top of this month's range. Attention is on the bull trigger at 120-16+, the Jul 6 low.
  • Data on tap: U.S. durable goods orders, wholesale inventories & pending home sales.
  • Treasury auctions: $24B 2Y FRN note auction (91282CFD8) at 1300ET after $30B 119D bill auction at 1130ET.
  • Currently, the 2-Yr yield is unchanged at 3.0528%, 5-Yr is down 2.2bps at 2.8818%, 10-Yr is down 1.1bps at 2.7959%, and 30-Yr is down 0.3bps at 3.0243%.