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US TSYS: Treasuries Slide, No Longer Fully Pricing Next Cut In June

US TSYS
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  • 2Y Tsy yields are 9.5bp higher on the back of the FOMC decision and SEP, which showed median dots at the higher end of analyst expectations including the 2025 dot being marked up from 3.4% to 3.9% along with a surprise dissent.
  • With 10Y yields currently 6bp higher post-announcement, 2s10s drops to 13.5bp for back to the week’s lows.
  • TYH5 has slipped 14 ticks to 109-14+, through yesterday’s low of 109-17. Some will watch a bear trigger at 109-02+ (Nov 15 low).
  • June no longer fully prices a 25bp cut per FOMC-dated OIS (23.5bp from an assumed effective of 4.33%).
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  • 2Y Tsy yields are 9.5bp higher on the back of the FOMC decision and SEP, which showed median dots at the higher end of analyst expectations including the 2025 dot being marked up from 3.4% to 3.9% along with a surprise dissent.
  • With 10Y yields currently 6bp higher post-announcement, 2s10s drops to 13.5bp for back to the week’s lows.
  • TYH5 has slipped 14 ticks to 109-14+, through yesterday’s low of 109-17. Some will watch a bear trigger at 109-02+ (Nov 15 low).
  • June no longer fully prices a 25bp cut per FOMC-dated OIS (23.5bp from an assumed effective of 4.33%).