Market Roundup
- UST yields edged higher, after Fed stated that “it will be appropriate to raise Fed Funds Rate when it see some further improvement in labour market, and is reasonably confident that inflation will move toward the 2% objective over a medium term”. However, market did not see heavy selloff in UST, as the FOMC minutes pointed to a gradual hike, which is pretty much in line with market expectation.
- Ringgit govvies were actively traded, with daily volume surpassed RM5 billion on Wednesday, while transactions clustered on the front end and bellies of the curve. WI for the 10-year GII was last seen at 4.12/06%.
- Thai government bond yield curve ended slightly steeper amid quiet market, while the short and medium term bonds were held firm, supported by decent buying interest.
- Asian dollar credits moved in sideways, as investors were staying on the sidelines ahead of the FOMC outcome. On the other hand, IG space saw better support and recovered earlier losses, while the iTraxx Asia ex-Japan IG Index closed 2.5bps tighter at 107.63bps.
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