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Sell-Off Continues As Speculation Builds Around 75bp Hike

US TSYS SUMMARY

Following some temporary respite earlier in the day, USTs continued selling-off in the later part of the session as expectations build ahead of tomorrow's FOMC meeting, with markets now largely pricing in a 75bp hike.

  • UST yields are now up 8-14bp and are now trading at the highs of the day. the belly of the curve is underperforming while TYU2 is plumbing new lows.
  • Real yields have pushed higher with the 5-year reaching the highest level since March 2020.
  • The dollar continues to make broad gains with the DXY trading up to 105.53 - the highest level since 2002.
  • Headline PPI data was broadly in line with expectations and continue to point towards persistent elevated inflationary pressure.
  • Please see our updated Fed Preview on email and online.
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