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Markets Only Modestly Pare Skipping Fedspeak Moves

CROSS ASSET
  • Markets have pared moves seen across the board after two FOMC voters advocated for a June skip in close succession.
  • Treasuries have still jumped and steepen slightly on the day, but yield declines are limited to -7bps for the 2Y and -5bps for the 10Y. The 2Y is well within lows seen after the MNI Chicago PMI miss although the 10Y is pushing new lows.
  • ESA approaches pre JOLTS levels at 4195, 20 points off lows half of which came with the Fedspeak. It leaves it down -0.5%, still off yesterday’s stopping just short of resistance at the medium-term bull trigger of 4244 (Feb 2 high).
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