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US TSYS: T-Notes a touch softer than settlement after firming Tuesday as the
curve edged flatter (10-Year yields closed sub-2.00%). Space did experience some
pressure in the U.S. PM on less dovish comments from Fed's Bullard (not looking
for a 50bp rate cut in July), while Chair Powell's comments were seen as similar
to the rhetoric employed at the FOMC decision, but slightly more hawkish at the
margin, if anything, as there was no indication of an impending 50bp cut in July
(noted the need to not overreact). Bullard has also noted that he would favour 2
rates cuts during '19 & that the Trump Admin approached him re: a seat on the
Fed board in recent months. Elsewhere Fed's Barkin noted that the FOMC's current
stance is moderately accommodative & declined to comment on rate cut prospects.
- Bullard/Powell inspired losses were largely recouped on the back of a RTRS
piece noting that the U.S. would not accept conditions on tariffs as part of
reopening trade negotiations with China & that no deal is expected to emerge
from the G-20, per a senior U.S. off'l. A soft cash equity open and weak
consumer conf. data had leant support in the U.S. morning.
- Latest 2-Year supply went well, auction cut off was pre-Powell comments.