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US TSY/RECAP: Tsys finished Wednesday's session sharply lower, aided by firm ADP
& ISM non-m'fing data in the U.S. morning, with rhetoric from Fed Chair Powell
adding additional weight late in the day, allowing T-Notes to close at session
lows as yields clocked multi-year highs. Fed Chair Powell noted that "very
accommodative policy is no longer appropriate in the current environment, which
calls for interest rates to "very gradually" move toward neutral. We may go past
neutral, but we're a long way from neutral at this point."
- Elsewhere Chicago Fed President Charles Evans said that he expected monetary
policy to tighten from its current slightly accommodative stance to a
restrictive level and then to be put on hold "relatively indefinitely."
Philadelphia Fed President Harker noted that he could be swayed to favour a hike
in December, after previously favouring 3 hikes this year, pointing to a labour
market that has "little slack remaining," but stressed that he didn't want to
rush MonPol normalisation.
- Focus now moves to NFP data, due Friday.
- T-Notes last 117.30+, U.S. 10-Year cash Tsy yields closed at 3.181%.