Remember what we said earlier? To wit, from “A Fed Hike Will Send Treasury Yields Higher Right? Not So Fast” posted just hours ago:

Belly

Well, “we told you so”…

  • TREASURIES SURGE AS FED MAINTAINS HIKE FORECASTS FOR 2017, 2018
  • Treasuries advanced to session highs after FOMC median dot projections were left unchanged for 2017 and 2018 while median target for 2019 rose to 3% vs 2.875% in December.
  • Treasury futures rally with 10Y higher by around 16 ticks following decision; 5s30s sharply steepens by ~5bp from near flattest levels since 2008

    • Yields

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