US: President Trump To Deliver Remarks On His Energy Agenda In Texas Shortly

Source: Bloomberg Finance L.P./MNI

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• Treasuries look to finish moderately weaker after the Federal Reserve kept interest rates steady, citing signs of stability in employment and still elevated inflation, though Governors Chris Waller and Stephen Miran dissented in favor of a quarter-point cut.
• Rather stable markets in general after the announcement with TYH6 -3.5 at 111-22 (111-15.5 low / 111-26.5 high), 10Y yield steady at 4.2431%. A bear theme is intact and short-term gains are considered corrective, however. Initial firm resistance is at the 20-day EMA, currently at 112-01+. The 50-day EMA is at 112-10+. The area between the 20- and 50-day averages represents a key resistance zone.
• For bears, a resumption of weakness would refocus attention on the bear trigger at 111-09, the Jan 10 low.
• Curves mildly flatter (2s10s -.829 at 65.977; 5s30s -1.145 at 101.763). Projected rate cut pricing has receded slightly vs. late Wednesday levels (*): Mar'26 at -3.5bp (-5bp), Apr'26 at -7bp (-8.7bp), Jun'26 at -19.1bp (-20.7bp), Jul'26 at -26.5bp (-28.4bp).
• The more stable backdrop for the dollar today (BBDXY +4.9 at 1179.5) was assisted by Tsy Secretary Bessent reiterating the US’ strong dollar policy, while the reduced odds of Rick Rieder being announced the new Fed Chair may have also provided support.
• New record high for Gold: at 5391.47 at the moment while 5,400 not unlikely by the close as geopol tensions abound: Pres Trump threatens Tehran again "Next Attack Will Be Far Worse". No breakthrough on potential US Gov shutdown as DHS funding remains a sticking point for both parties.