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Markets Roundup: No Scary Month End, Focus on Wed FOMC

US TSYS
  • Tsy futures are drifting in steady to narrowly mixed territory late Tuesday, 10Y and 10Y Ultras closest to steady after the bell, curves flatter but off late morning lows: 3M10Y -3.522 at -60.432 vs. -68.652 low, 2Y10Y -3.147 at -19.336 vs. -22.521 low.
  • Main focus on Wednesday afternoon's FOMC annc, most likely leaving rates unchanged for the 2nd consecutive meeting. Economic activity data has been strong and inflation progress has arguably stalled since the September meeting, the Committee will maintain a cautious approach as it assesses the impact of tighter financial conditions and the lagged effects of past tightening.
  • Additional focus tomorrow on ADP (0815ET), the final Tsy Refunding announcement (0830ET) and JOLTS Job Openings (1000ET).
  • Precursor to Wed's FOMC policy annc, soft China PMI early overnight helped prime Tsys as they broke higher after the BOJ left policy unchanged at -0.1%, left upper limit of YCC framework at 1%. Meanwhile, soft Eurozone CPI and GDP growth helping Tsys extend highs heading into the NY open.
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