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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessHawkish Take on Steady FOMC, IOER Adjust, Rising DOTS
- "FOMC forecasts for economic growth have been revised up since our March summary economic projections, even so the recovery is incomplete and risks to the economic outlook remain."
- Aside from a technical adjustment in IOER to 0.15%, Powell said the Fed is "continuing to increase our holdings of treasury securities by at least 80 billion per month, and of agency mortgage backed securities by at least 40 billion per month, until substantial further progress has been made toward our maximum employment and price stability goals."
- Several waves of selling saw Eurodollar and Tsy futures ratchet lower through the initial statement, then the Fed chair's press-conference. Futures did bounce off lows as Chairman Powell reiterated effects of inflation in near term remain uncertain, but likely transitory, will fade over time and any liftoff will be well telegraphed.
- Powell did downplay the DOTS as "not a great forecaster of future rate moves" and need to be taken with a "big grain of salt". Any future lift-off will remain "outcome based and not time based."
- Large sell-blocks noted in 5Y futures, -15k from 123-19.5 to -17.75 before trading down to 123-07.5 low. Yield curves mixed with longer pares flatter after the bell.
- The 2-Yr yield is up 4.2bps at 0.2052%, 5-Yr is up 11.3bps at 0.8938%, 10-Yr is up 8.3bps at 1.5754%, and 30-Yr is up 1bps at 2.1968%.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.