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Impulsive Rally Extends

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Late Eurodollar/SOFR/Treasury Option Roundup

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Post-July FOMC Minutes React, Short End Bounce

US TSYS
Treasury and Eurodollar futures bounce off lows following the release, but most noticeably in the short end as market digests comments like: officials saw risk the Fed could tighten more than necessary; and as the stance of monetary policy tightened further, it likely would become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflation."
  • Lead quarterly Eurodollar futures EDU2 gap +0.0325 from 96.62 to 96.6525 after the release as market expectations of more than 50bp hike at Sep 21 cool (despite there being ample time and data between now and then).
  • Yield curves bending steeper: 2s10s gapped to session high of -39.719 but have receded in last couple minutes to -41.574 +4.587.
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Treasury and Eurodollar futures bounce off lows following the release, but most noticeably in the short end as market digests comments like: officials saw risk the Fed could tighten more than necessary; and as the stance of monetary policy tightened further, it likely would become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflation."
  • Lead quarterly Eurodollar futures EDU2 gap +0.0325 from 96.62 to 96.6525 after the release as market expectations of more than 50bp hike at Sep 21 cool (despite there being ample time and data between now and then).
  • Yield curves bending steeper: 2s10s gapped to session high of -39.719 but have receded in last couple minutes to -41.574 +4.587.