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Futures Little Changed Ahead Of FOMC

US TSYS

TYH4 is currently trading at 110-17+, flat from NY closing levels.

  • This comes after US tsys finished mainly richer following an in-line US CPI print on Tuesday.
  • US CPI inflation ticked higher in November, with the headline rising 0.1% m/m and the core rising 0.3% m/m. Annual headline inflation ticked down to 3.1% and core annual inflation was steady at 4.0%.
  • The cash tsys curve twist-flattened, pivoting at the 5s, with yields 2bps higher to 3bps lower.
  • Oil prices slid -3.8% and closed at a five-month low at $68.61 as supply outstripped demand.
  • Focus now turns to today's PPI data, ahead of the FOMC rate decision at 1300ET and Fed Chair Powell's presser at 1430ET.
  • The Fed will likely lower its median "dot plot" estimate for policy interest rates at the end of 2024 to around 4.9%, former officials and staffers told MNI, as expectations build for the first rate cut to come as early as the year's first half.
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