2023-02-01 17:30:01 $ECON Economic Data
02/01/23 02/0117:30 02/01/2317:30 | Treasury Market Summary:Treasury Market Summary: Treasuries and Wall Street rallied furiously after Chair Powell's press conference, continuing to fight the Fed's hawkish stance that the job is not done yet and more rate increases will be appropriate. The markets were expecting a hawkish presser and push back against the easing in financial conditions. The lack of anything new or overly hawkish from Powell's comments opened the door for bulls and a healthy short covering rally. Wall Street followed similarly. Treasury yields dropped sharply with the 2-year tumbling over 13 bps to a low of 4.08%. The 5-year fell 14 bps to 3.475%. And the wi 10-year was off 12 bps to 3.375%. Wall Street surged with the NASDAQ posting a 2% gain, with the S&P 500 up 1.0% and the Dow fractionally higher. The DXY dollar index was the only real casualty of the markets' dovish take, having fallen to 101.05 from a high of 102.185. The mix of data on ISM, ADP, JOLTS, and construction spending caused some early volatility but were overlooked by the end. |
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