October 20, 2023 Headlines

The Treasury selloff is taking a bit of a breather this morning after hitting a fresh high yesterday that saw the 10-year hit 4.99%. Equity futures are lower, and oil is higher as the conflict in the Middle East weighs on markets. In his speech yesterday Fed Chair Powell effectively confirmed that the central bank will keep rates unchanged at its next meeting on November 1st, but kept the door open for future increases should the data warrant it. These comments pushed the curve, as measured by 2s10s, 14 bps steeper to -17 bps from -31 bps.

Hafizan Hamzah
Senior Director, Investment Management Group

10/20/23Bloomberg Oct. United States Economic Survey
10/20/23Monthly Budget Statement-$166.0b-$429.8b

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