Bonds / Equities and Bitcoin sold off in yesterday's session and Brent Crude Prices ( H&S in play as written earlier) rallied higher to highest levels since Oct and Gold rose to highest levels of 2282.
5.60 bps of Bear Steepening in US2s10s
Interest Rate pricing was relatively unchanged with FFR pricing in 69 bps of rate cuts into 2024 with first full cut priced in for July 2025 policy. In the December Policy, 5 participants had judged the appropriate FFR to be below 4.63% - 4.87% i.e. lower bound of the corridor to be below 4.50%. In the most recently policy, there is now only 1 participant who judges FFR between 4.38% - 4.62%.
On the data front, February Job Openings , Hires and Total Separations were little changed. Data snapshot below. We also had the release of the Factory orders data which rose 1.40% mom following a downwardly revised -3.80% number.
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