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Tsys and Stocks Rally With FOMC Presser

CROSS ASSET
  • Powell’s press conference sees Tsys rally beyond levels seen immediately after the statement, with 2Y yields now 7bps lower than pre-presser highs.
  • A main beneficiary appears to be stocks, with the S&P e-mini climbing some 30 points to a high of 4610.25 and probing resistance at 4609.25 (Jul 20 high) before ticking back lower. A move higher could see a bull channel top at 4627.50.

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