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Tsys Round-Trip As Fed Holds Steady (Apart From Guidance)

US TSYS SUMMARY

The FOMC decision was in line with expectations, with new asset purchase guidance but no change to the asset purchase program itself. The decision and optimistic-looking summary of economic projections were rightly seen hawkish, with TYs selling off 8+ ticks, but not quite to session lows.

  • Tsys rebounded and curve steepening reversed as the Powell press conference went on, as he did not rule out future action if required. Effectively Tsys round-tripped to levels pre-decision by the end.
  • The 2-Yr yield is up 0.4bps at 0.117%, 5-Yr is up 0.6bps at 0.3702%, 10-Yr is up 1.7bps at 0.9246%, and 30-Yr is up 1.6bps at 1.6662%.
  • Mar 10-Yr futures (TY) up 0.5/32 at 137-28 (L: 137-19.5 / H: 138-00.5)
  • Earlier in the day, very weak November retail sales data were met with a shrug.
  • Just as Powell urged the stimulus focus be put on fiscal policy, we now look to Capitol Hill for a deal which sounds from all the main players to be forthcoming.
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