Dan Deming breaks down the latest price action in interest rate markets following the afternoon's Federal Reserve announcement. The 2-Year T-Note futures reversed a three-session slide, moving higher to 102'02 as the short end of the curve rallied. Meanwhile, the 2-Year yield fell a little over 2 bps to around 4.72%. Deming notes a steepening yield curve, as the back end continues to see selling pressure. The 10-Year yield rose roughly 4.5 bps today, pushing 10-Year T-Note futures lower for a fourth consecutive session. Deming highlights the impact of the Fed's decision, pointing out that while the majority held rates steady, two officials dissented in favor of a rate hike.