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Long Way To Go To 2% Inflation, Yields Mark New 16Y Highs

US TSYS
  • Treasury futures continue to extend lows after the be bell, yields climbing to new 16+ year highs as (5YY 4.5689%, 10YY 4.3909%) 2s-10s lead the way after the FOMC held rates steady earlier.
  • Hawkish hold, the Fed keeps the door open to tighter policy if warranted in the future. Indeed, a majority of participants see one more hike in 2023 (seven see pause through year end).
  • Federal Reserve Chair Jerome Powell said Wednesday the central bank has made progress on bringing down inflation but remains far from bringing consumer price growth sustainably back to its target. "The process of getting inflation sustainably down to 2% has a long way to go," Powell said in a press conference after the two-day policy meeting.
  • Dec'23 10Y futures breach round number support, marking 108-26.5 low in the last few minutes - next support at 108-20 (1.000 projection of the Jul 18 - Aug 4 - Aug 10 price swing).
  • Cross asset summary: Greenback bounced (DXY +.293 at 105.426), Gold firmer but well off highs (+1.05 at 1932.41), crude weaker (WTI -.92 at 90.28) and stocks selling off late: DJIA down 76.85 points (-0.22%) at 34440.88, S&P E-Mini Future down 44.25 points (-0.99%) at 4446, Nasdaq down 209.1 points (-1.5%) at 13469.13.
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