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Tsy sell-off as Fed delivers a......>

US TSYS SUMMARY
US TSYS SUMMARY: Tsy sell-off as Fed delivers a hawkish 25BP hike, IOER 20BP,
dots to 4 for 2018. US$ surged vs. Yen, retraced nearly all of move late with
Tsy ylds in tow (2.9737% late after tapping 3.0069%). Next up: ECB policy annc
Thu, BoJ Fri.
- USD index see-saws lower (DXY -.149, 93.669; US$/Yen +0.03, 110.41 vs.
110.85H); stocks weaker (emini -2.5, 2785.75); gold firmer (XAU +4.32, 1300.27;
West Texas crude firmer (WTI +0.32 to 66.68).
- Post FOMC chop included fast$, prop buying 10s, 30s covering at start of
presser. Mild two-way flow earlier, most sidelined to await Fed annc, moves more
directional w/US$/Yen and EGBs earlier, mixed curve flow, renewed chatter of Fed
presser after every FOMC spurring near end flatteners targeting serials that may
be considered "live" now. No auction or investment grade issuance, some option
flow.
- Tsy cash/ylds: 2Y 99-27.75 (2.565%), 5Y 99-19.5 (2.833%), 10Y 99-04.5
(2.974%), 30Y 100-15.5 (3.098%)

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