The PCE data initially generates a dovish reaction in FOMC-dated OIS, although that move and the initial rally in Tsys fade from extremes.
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Bank of America write “the Fed is dovish according to financial conditions. Fed guidance has already supported risk assets, lower rates, & lower rate vol. A dovish Fed & easy financial conditions should see real rates contained & inflation breakevens (BE) supported. We shift our long inflation bias to 30s.”
Trading desks report large Euro-Schatz futures cross, potentially spread vs. the large Jun'24 2Y Tsy futures buy: 25,815 DUM4 105.69.
Finland's largest labour federation, the Central Organisation of Finnish Trade Unions (SAK), has confirmed that its ongoing political strikes will continue "...without interruption, targeting the same companies – mostly affecting ports and major export firms. The labour group and its 18 member unions previously said that the strikes would continue until the end of March...."