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Yields Fall As FOMC Leaves Rates Unchanged

US TSYS

TYZ3 deals at 107-06+, +0-11, in line with late NY levels.

  • Cash tsys finished 14-21bps richer across the major benchmarks, the belly lead the bid.
  • Tsys extended gains yesterday as the FOMC held rates steady. Chairman Powell noted that the Fed is going meeting by meeting and that they have come "very far" with the rate hiking cycle. US Equities firmed and the US Dollar was moderately pressured.
  • FOMC dated OIS now price a terminal rate of 5.40% in January with ~70bps of cuts by September 2024.
  • Earlier in the session Tsys firmed after lower than expected ADP Private Jobs Data, with the bid extending as the ISM data was also softer than expectations.
  • The docket is light in Asia today, further out we have US factory orders, initial jobless claims and productivity.
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