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Tsy Yields Lift With Waller/George

FED
  • 2YY pushes through session highs with Waller/George headlines, up another +1bp for +2.5bps on the day at 3.53%.
  • No clear change in 2s10s (-22.5bps) with 10YY also lifting.
  • Likely more on Waller’s rate peak could be "well above" 4% if prices don't cool or may peak under 4% "if inflation suddenly slows" rather than backing “another significant” rate hike in Sept, which appears more closely aligned with market pricing.
  • George meanwhile... MNI: George Argues For Steady Fed Rate Increases Over Speed

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