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The Massive Post-FOMC Rally Extends Into Asia-Pac Dealings

US TSYS

TYH4 is trading at 112-09, +0-12+ from NY closing levels.

  • Cash tsys are 1-7bps richer, with the curve steeper, so far in today’s Asia-Pac session as local participants digest yesterday's FOMC decision and press conference.
  • The yield on 10-year has fallen below 4% for the first time since August.
  • This comes after the US tsys curve bull-steepened sharply, with yields 13-30bps lower on Wednesday.
  • In the press conference, Chair Powell delivered little to no pushback to market expectations of significant rate cuts next year, and in fact, ensured that future easing was the main topic of the day. Whereas in previous press conferences, he has dismissed questions about rate cut speculation out of hand, he entertained several of them yesterday.
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