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Market Roundup: Post-Powell/ECB Dust Still Settling

US TSYS
Volatile early Friday session, dust still settling after fog of early Fed speak (generally less-hawkish comments from Bostic, Harker and Bullard) saw 30YY slip to initial 3.2298% low (3.2113% low in the last few minutes).
  • Fast reversal (30YY bounced back to 3.2704%) well ahead Chairman Powell opening remarks at JH summit. ECB stole the Fed's thunder one desk quipped, others a little indignant at ECB interest over discussing 75bp rate hike next month. Caveat from Reuters story: "I won't necessarily back 75 but there is no reason it shouldn't be discussed," one of the sources, who asked not to be named, said.
  • Rates gapped lower again after Chairman Powell's opening remarks deemed hawkish: the Fed needs to get restrictive and STAY restrictive for an extended period of time.
  • Bonds gapped to new session highs briefly following better than expected U-Mich sentiment (58.2 vs 55.5 est). Futures continued to gyrate by late morning, USU2 back near steady at 137-26 in late morning trade.
  • Technicals for TYU2: Treasuries are consolidating, outlook remains bearish and the contract is trading closer to its recent lows. 117-07, 61.8% of the Jun 14 - Aug 2 bull cycle, has been pierced. A clear break of this area of support would strengthen the bearish case and signal scope for an extension towards 116-26+ next, the Jun 29 low. On the upside, initial firm resistance is seen at the 20-day EMA, at 118-23+.
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