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Market Roundup

US TSYS
US FI and equity markets starting the new week lower, Tsys holding to narrow range and mixed curves while Equities extended late overnight lows (ESH2 -27.25 at 4399.25).
  • Fed-speak, dueling doves: Bostic vs. Kashkari:
  • Both FI and equity markets finished higher Friday as expectations of more aggressive rate hikes for the year cooled somewhat after MN Fed Pres Kashkari (dove, non-voter) spoke.
    • First out of Blackout, Kashkari said while a "March hike is likely" .. the Fed "could pause after spring." In a second appearance on Yahoo finance, Kashkari said there is some value in adjusting rates in the near future; conceivable FOMC could move in the spring and then pause.
  • Atlanta Fed Bostic's (also dove) interview with Financial Times on Saturday helping markets swing back to more aggressive hikes (read: over 100bp hikes in 2022, carry over to 2023).
    • "Every option is on the table for every meeting. If the data say that things have evolved in a way that a 50-basis-point move is required or be appropriate, then I’m going to lean into that . . . If moving in successive meetings makes sense, I’ll be comfortable with that,” he told the newspaper."
  • Current 30YY at 2.0980 (+.0248); 10YY 1.7927 (+.0233); yields curves mixed: 2s10s below 60.0 for first time since Oct 2020 at 58.639 (-1.675), 7s10s still positive but near inversion at 3.142 (+.483).
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