Treasury Action: there was scant movement in the markets
Treasury Action: there was scant movement in the markets on the FOMC minutes. Yields had been dipping from earlier peaks in advance of the release as positions were adjusted, but were still underwater. The short end continues to underperform with rates up about 2 bps, leaving the 2-year note at 1.534%. The 10-year richened slightly, but it was a head fake and the yield on the note again is 1.4 bps cheaper at 1.569%. Wall Street remains about 1% firmer. Though the minutes showed two participants favored a 50 bp easing last month. Obviously, they nevertheless sided with the consensus for a quarter point cut. That dovish spin was also offset by the fact that "most" officials agreed this would be "mid-cycle adjustment" and that the policy course would remain data dependent (or at least rhetorically as analysts see it).