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What to Watch: Risk-On Welcomes Spring, FOMC, Bank Backstops

US TSYS
The first day of Spring greeted by higher stocks and Treasury yields, risk-on tone at the start of the Federal Reserve's two day policy meeting this morning.
  • While a majority of dealers anticipating a 25bs hike after the bank panic over the last couple weeks, the ongoing efforts to backstop large regional institutions sees looser policy expectations normalizing, rate cuts pushed back out the curve.
  • Treasury Secretary Janet Yellen the U.S. banking system is stabilizing, while Treasury remains committed to ensuring the ongoing health and competitiveness of America's regional banks.
  • "The situation is stabilizing. And the U.S. banking system remains sound. The Fed facility and discount window lending are working as intended to provide liquidity to the banking system. Aggregate deposit outflows from regional banks have stabilized," she said, according to excerpts of a speech to be delivered to the American Bankers Association.
  • Economic data: Treasury futures holding near lows after Philly Fed Mfg index comes out -12.8 vs. 3.2 prior. Up at 1000ET: Existing Home Sales (4.0M prior, 4.2M estimate).
  • Treasury auctions: US Tsy $34B 52W bill auction at 1130ET, $12B 20Y Bond re-open (912810TQ1) at 1300ET.

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