A.M. Update

S&P futures are +1.25% higher with mega-cap and semiconductor stocks leading the early advance and retracing the entirety of yesterday’s post-FOMC retreat and then some. Yields are lower in bull steepening trade (2Y -5 bps, 10Y -5 bps; 30Y -4 bps) as oil prices (-2.6% @ $99.75) are lower for a second day. Axios reports that President…