July Flashlight for the FOMC Blackout Period

Markets US Treasuries hold near last week’s sell-off lows in an uneventful trading session awaiting major central bank decisions. US yield currently trade up to 1.5 bps higher across the curve with both the US 2-yr and 10-yr yield testing the YTD highs at 4.74% and at 4.34%. German Bunds face some similar minor selling […]

Markets Make it five. Five consecutive days of rallying US Treasuries on the (consequences of) the same theme: fading growth momentum and what it might mean to the Fed. At the front end of the curve, we’ve seen the obvious swing back from a first cut in December to the Fed pulling the trigger already […]

Markets What a difference some inflation prints make… Following the Fed’s pivot in November and December of last year, markets rapidly turned to expecting policy rate cuts. The language in official statements changed from assessing to whether any additional policy firming might be appropriate to considering when it would be appropriate to reduce the target […]