Macro and Government Bond Commentary: Yields closed lower • On Wednesday, the 10Y benchmark (6.33 GS 2035) opened steady at 6.48% as market participants-maintained caution ahead of the US FOMC outcome due tonight. • The Federal Reserve is widely expected to cut federal fund rate by 25bps to 4.00-4.25% from 4.25-4.50, the first cut in the US since December 2024. The focus will be on Fed Powell’s press conference and the dot plot projection for any hints on further rate cuts.
