USDJPY TECHS: S/T Corrective Phase Intact For Now
Oct-16 18:30
* RES 4: 161.37 76.4% retracement of the Jul 23 - Sep 8 bear leg * RES 3: 160.39 High Sep 2 and a ke...
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FED: Implementation Note Comparison - September vs July
Sep-16 18:29
Below is a comparison between the new September Fed Implementation Note and the prior edition in July.
- No surprises here, with the 25bp rate hike and no changes to the administered rates relative to the policy rate. .
- Boston, New York, Philadelphia, St. Louis, and San Francisco didn't vote for the 25bp increase in the primary credit rate that's not necessarily a sign they didn't support the overall rate hike (Philadelphia's Paulson and New York's Williams were part of the unanimous FOMC vote in favor of the funds rate hike for example).
US TSY FUTURES: Curves Extend Flatter Post-FOMC
Sep-16 18:24
- Curves extend flattening moves post FOMC: 2s10s -4.326 at 29.377, 5s30s -1.635 at 52.033
- A second projected rate hike 100% priced in for December - while weaker crude remains supportive of long end.
- Block sale at 1416:00ET:
- -6,000 FVZ6 104-14.75, post time bid, DV01 $255,000. The 5y contract has bounced to 104-15.75 last (+4)
STIR: Initial Sell-Off Extends As SEP Digested, Back Near Hawkish Extremes
Sep-16 18:20
- US rates have now reversed earlier sizeable pre-FOMC gains for U6-M7 contracts, with the initial sell-off on the SEP growing.
- The largest reaction has come in the M7-U7 contracts (8.5 ticks lower post-release) and sees the peak implied yield climb back comfortably above 4.60%, currently at 4.65% for close to yesterday’s fresh cycle high of 4.685%.
- Factors include no dissents in favor of a hold and on net a more hawkish dot plot than most expected (including the 3.9% 2028 median dot vs MNI and analyst expectations of 3.4%) – see above for more details.
