That mostly comes as we see Treasury yields bounce back up as well. 2-year yields were dragged down from 2.80% to near 2.60% at the lows yesterday but have now recovered to 2.71%:
Meanwhile, 10-year yields are still lingering just below the pivotal 3% mark at around 2.96% currently.
As much as there are thoughts about peak hawkishness by the Fed, bond sellers and dollar bulls aren’t throwing in the towel just yet. The Fed remains among the more aggressive of central banks in hiking rates at the moment and even if Powell did rule out a 75 bps rate hike, they are still looking poised to hike much quicker than their peers.
The dollar is up across the board today, paring back some of the losses from yesterday following the FOMC meeting decision.
EUR/USD is down 0.3% to 1.0590 while GBP/USD is down 0.8% to 1.2520. Meanwhile, USD/JPY is up 0.4% to 129.60 and AUD/USD is down 0.6% to 0.7215 with the upside push yesterday stalling at its 100-day moving average:
