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Market Roundup: One Meeting at a Time

US TSYS
US Tsy futures trim strong gains slightly, still near top end of range after Fed Chair Powell Senate testimony:
  • "We will make our decisions meeting by meeting, and we will continue to communicate our thinking as clearly as possible," he said in written testimony to Congress. "We anticipate that ongoing rate increases will be appropriate; the pace of those changes will continue to depend on the incoming data and the evolving outlook for the economy."
  • Stocks had bounced off lows into the testimony, drew some selling ahead equity open -- moving higher again (ESU2 -23.00 at 4744.50). Oil on the other hand, remains well offered: WTI -7.42 at 102.10 -- near mid-May levels w/ Pres Biden expected to ask Congress to suspend Federal fuel tax for three months later today (1400ET).
  • US Tsy 30YY well off overnight high of 3.3460% at 3.2501% (-.0871), yield curves steeper/near mid-range for session: 2s10s +0.424 at 7.652, 5s10s still inverted at -7.121 (+1.722).
  • US 10Y futures TYU2, trades +1.11 at 117-04 on heavy volume (>840k) -- well through first resistance of 116-21+ 38.2% of the May 26 - Jun 14 range, next key resistance at 117-07+ 20-day EMA.
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