Bond Market Update

Waiting for the Fed

• Yields elevated early in the wake of the hotter-than-expected PPI report and have been stuck in a sideways range for most of the cash session, with participants waiting on the FOMC decision and Summary of Economic Projections at 2:00 p.m. ET and Fed Chair Powell's press conference at 2:30 p.m. ET.
• Weak stocks (S&P 500 -0.7%) not leading to safe-haven bids.
• Yield check:
  • 2-yr: +4 bps to 3.71%
  • 3-yr: +4 bps to 3.72%
  • 5-yr: +4 bps to 3.83%
  • 10-yr: +3 bps to 4.23%
  • 30-yr: +1 bp to 4.86%