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Tsys futures Steady, Fed Scales Back Rate Cut Expectations

US TSYS
  • Treasury futures are little changed this morning with TUU4 +0-00⅛ at 102-05¼, while TYU4 is trading - 02 at 110-08.
  • Volumes are higher than the day prior: TU 10k, FV 11k, TY15
  • Cash treasury curve is slightly steeper this morning, with the 2Y -1.1bps to 4.741%, 7Y -1.3bps to 4.295%, the 10Y -1.2bps at 4.304%
  • The Fed scaled back expectations for interest-rate cuts in 2024, now anticipating only one reduction instead of three. Although Powell suggested more cuts are still possible depending on future data. The Fed held its benchmark rate steady at 5.25% to 5.5%, while raising inflation forecasts, despite recent data showing cooling inflation, highlighting a cautious and conservative approach amid economic uncertainties.
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