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Volatility Continues With Fedspeak Next Up

US TSYS
  • Fixed income volatility continues with 2Y Tsy yields again back to just -1.4bps on the day and at 4.436% are within a couple bps from post JOLTS highs.
  • No clear headlines for the more concerted push higher in yields that started ~30 mins ago. A latest nudge appeared to coincide with Blackrock’s Fink seeing the Fed hiking at least two more times but that was quickly reversed.
  • FOMC-dated OIS cumulative changes: +17bp Jun (+1bp on the day), +25bp Jul (-0.5bp), -15bp Dec (-2bp), -36bp Jan (-1bp).
  • Still to come, Collins (non-voter) is currently wrapping up the Fed Listens event ("intent on reducing inflation, simply too high"). The main Fedpseak of the day comes a little later with Harker’s (’23) no text fireside chat on monetary conditions and Vice Chair nominee Jefferson (voter) on financial stability including text both at 1330ET before the Beige Book at the usual 1400ET.
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