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Post-FOMC Reaction

US TSY FUTURES
  • Bonds pare gains after the FOMC held rates steady while majority of participants see one more hike in 2023 (seven see pause through year end). Link to Fed Chairman Poweell presser at 1430ET.
  • Dec'23 10Y through initial technical support of 109-03 to 109-01 low before drawing sporadic buying.
  • Curves flattening with the short end underperforming on the last comment (3M10Y -4.889 at -115.256, 2Y10Y -5.4752 at -79.027).
  • Yields bounce to new 16+ year highs: 5YY at 4.5420%, 10YY at 4.3667%.

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