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Reversing FOMC Rally

US TSYS

Yields are reversing Wednesday's FOMC strength, with an unexpected 50bp rate hike from the Swiss central bank re-instigating hawkish sentiment and a Bank of England decision up shortly (0700ET).

  • The curve is bear flatter: 2-Yr yield is up 17.1bps at 3.3618%, 5-Yr is up 16.8bps at 3.5347%, 10-Yr is up 14.9bps at 3.4331%, and 30-Yr is up 11.1bps at 3.4388%.
  • 30Y yields have touched highest levels since July 2014 (3.466%).
  • Overall it's been a risk-off session, with cyclical/tech stocks plummeting; the dollar started on the front foot but pared gains following the surprise SNB hike.
  • A solid data slate ahead at 0830ET: May Housing starts/building permits, alongside Jun Philly Fed and jobless claims.
  • In supply, we get details on next week's auctions (incl 20Y bonds); today sees $65B in 4-/8-week bill auctions at 1130ET.
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