Monetary Policy Events in the Treasury Market

The past week saw significant monetary policy events in the treasury market, with the Bank of Japan increasing policy rates and the Fed maintaining a 2024 median dot of 4.6%, suggesting intentions to cut rates by 75 basis points this year. Despite some perceived bond bearish signals, the market focused on the Fed's decision to maintain the rate cut projection. Additionally, comparisons between global central banks highlighted the Bank of Japan's policy rates remaining effectively at zero.