Bond Market Update

No Surprises in FOMC Statement

• U.S. Treasuries marked fresh lows in immediate rection to the January FOMC Statement, before returning to levels seen just before the release. The directive was largely as expected, calling for no change to policy, but the FOMC did change its description of economic activity to "solid" from "moderate." Fed Governors Waller and Miran dissented, voting in favor of a cut.
• Yield Check:
  • 2-yr: +2 bps to 3.59%
  • 3-yr: +2 bps to 3.66%
  • 5-yr: +4 bps to 3.85%
  • 10-yr: +4 bps to 4.27%
  • 30-yr: +5 bps to 4.88%