Treasuries are mixed with the long end underperforming. The market was underwater overnight but has been paring its losses. And the market has given back only a small portion of yesterday’s post FOMC rally. The bounce in risk appetite, the strength in jobless claims, and a renewal in corporate issuance have weighed a bit. There is also some uncertainty over the FOMC’s stance as the claims data somewhat offsets the dovish read on yesterday’s rate hike. Meanwhile, European bonds are in rally mode despite the rate hikes from the BoE, SNB, and Norges Bank, with rates 4 bps to 8 bps lower. Wall Street has opened in the green, rebounding from Wednesday’s post-Yellen drop where she pushed back on blanket deposit insurance. The NASDAQ is 1.2% firmer, while the S&P 500 is up 0.85%, and the Dow is 0.6% higher. The USDIndex firmed to 102.45 from a low of 101.91, though it is dipping back to 102.27 currently. The various monetary policy stances and other dynamics in the financial markets are likely to keep the buck choppy.
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Stuart Cowell
Head Market Analyst
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