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Bonds Higher

S&P MARKETSCOPE: Long-dated Treasuries closed higher. The FOMC raised the fed funds rate target by 25 basis points as expected to 3.25%, and maintained its outlook for a measured pace of future hikes.

The 10-year note climbed 14/32 to 101-20/32 for a yield of 3.92%. The 30-year bond rallied 36/32 to 118-13/32 for a yield of 4.20%. There were no big surprises in the FOMC statement, though some stock market participants were disappointed with the lack of indication as to when the tightening cycle will end.

Major stock indices moved lower following the statement. With focus on the Fed's announcement, economic data drew muted responses: June Chicago PMI disappointed, May PCE was in line, personal income rose less than expected, and jobless claims fell unexpectedly.

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