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Relief Rally After Fed 50Bp Hike, June QT

US TSYS
Fed hiked rates 50bp Wednesday, the most in 22 years, while leaving the door open for additional 50bp moves over the next few meetings to address surging inflation.
The Fed also penciled in June for start of balance sheet drawdown or quantitative tightening. Risk-on after less hawkish forward guidance
  • Stocks staged a strong rally after Fed Chairman Powell poured cold water on chances of 75bp hike in the near term, while yield curves re-steepened off lows (2s10s finished at 28.653 after topping 30.0 briefly, compared to early session low of 13.987) as short end rates adjusted higher.
  • Earlier session action: Brief two-way trade after April ADP private employ data +247k vs. +385k est, FI trading weaker into the NY open -- bounces after quarterly US Tsy refunding annc.
  • Tsy plans to continue reducing auction sizes of coupons during the May-July quarter, but by smaller increments than in previous quarters, and left open the door for additional cuts in future quarters if needed.
  • The U.S. Treasury Wednesday said it plans to continue reducing auction sizes of coupons during the May-July quarter, but by smaller increments than in previous quarters, and left open the door for additional cuts in future quarters if needed.
  • The department will issue USD103 billion of securities at next week's quarterly refunding, raising USD55.2 billion in new cash. Officials say they plan to sell USD45 billion in 3-year notes on May 10, USD36 billion in 10-year notes on May 11, and USD22 billion in 30-year bonds on May 12.
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