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Post-FOMC React: Bonds Gaining

US TSY FUTURES

Whipsaw reaction to expected, fourth consecutive 75bp rate hike to target range of 3.75%-4.0%.
"The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time," the FOMC said.
Bonds gapped to new high (30YY dropped to 4.0492%) then quickly fell to session low (30YY 4.1257%) before regaining footing w/ 30YY currently around 4.0575%. Yield curves bull steepening:

  • 3M10Y -4.891, -16.915 (L: -18.258 / H: -9.502)
  • 2Y10Y +3.559, -47.341 (L: -52.96 / H: -45.9)
  • 2Y30Y +5.985, -39.912 (L: -51.429 / H: -38.695)
  • 5Y30Y +7.298, -10.56 (L: -22.502 / H: -10.56)
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Whipsaw reaction to expected, fourth consecutive 75bp rate hike to target range of 3.75%-4.0%.
"The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2% over time," the FOMC said.
Bonds gapped to new high (30YY dropped to 4.0492%) then quickly fell to session low (30YY 4.1257%) before regaining footing w/ 30YY currently around 4.0575%. Yield curves bull steepening:

  • 3M10Y -4.891, -16.915 (L: -18.258 / H: -9.502)
  • 2Y10Y +3.559, -47.341 (L: -52.96 / H: -45.9)
  • 2Y30Y +5.985, -39.912 (L: -51.429 / H: -38.695)
  • 5Y30Y +7.298, -10.56 (L: -22.502 / H: -10.56)