Halister News

(Bloomberg) -- “Treasury sentiment remained iffy even after the blues hit equities the last two days,” FTN strategist Jim Vogel writes in his first reaction to FOMC’s Nov. 2 statement.

• “Too many traders” were still looking for clearer intent about FOMC’s December meeting in statement released Wednesday
• Some talk that fewer dissents in FOMC decision was “form of implied compromise for December that would assuage hawks”; none of that was apparent in statement
• Most interesting so far is “quick buying” in 10Y; more sensible curve would have at least some 5s/10s steepening; instead “it’s all 5s/30s”
• Unless stocks “suffer” because S&P 500 fell below 2,100, bonds “should hover around here the rest of the day”