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Yield Curves Holding Steeper Post-FOMC

US TSYS
  • Initial post-FOMC knee-jerk bid is reversing in bonds, USM3 off 131-13 high to 130-24 (+24), yield curves holding steeper profile (2s10s +4.322 -52.018) with the short end slower to give back gains with the FOMC statement leaning dovish after announcing the second consecutive 25bp hike.
  • Stocks initially surged higher as well, SPX emini futures tapped 4059.00 high - briefly through resistance of 4057.50 (High Mar 9) before pulling back to 4040.0 at the moment.
  • Markets waiting for Fed Chairman Powell conference at 1430ET.

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