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Presser Underway, Tsys Extend Post-FOMC Lows

US TSY FUTURES

Tsy futures are selling off as Fed Chair Powell presser continues, yield curves mostly flatter (3M/10Y steeper). 30YY taps 1.8620% high. Aside from hawkish message: 2x taper acceleration, dot-plot shift to three hikes each -n '22 and '23, Powell sounds upbeat on jobs: "gains have been solid in recent months averaging 378,000 per month over the last 3 months. The unemployment rate has declined substantially falling .6 percentage point since our last meeting and reaching 4.2% in November."

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