A fairly eventful day ahead of......>

US TSYS SUMMARY: A fairly eventful day ahead of the Memorial Day holidays, with

some data worth watching and the "Big 3" of the FOMC making appearances.

- Not bad on the volume front (~190k TYs at 0630ET), considering European desks

potentially thinned by a holiday. But fairly tight ranges with little to

catalyze direction: 10-Yr futs up 2/32 at 139-4.5 (L: 138-31.5 / H: 139-07). 

- Curve a bit flatter: 2-Yr yield down 0.2bps at 0.1613%, 5-Yr down 0.8bps at

0.3303%, 10-Yr down 1.3bps at 0.6671%, and 30-Yr down 1.9bps at 1.3789%.

- Initial jobless claims at 0830ET the highlight: a 2.4mln median estimate, w

1.2-2.8mln range. Continuing claims seen 24.25mln (range: 22.6-27.0mln).

- We also get May Philly Fed at that time, with Markit flash May PMIs at 0945ET,

and finally Apr existing home sales closing out the week's data at 1000ET.

- NY Fed's Williams is up at 1000ET, then Fed VC Clarida at 1300ET, and Chair

Powell (at a "Fed Listens" event so unlikely to be interesting) at 1430ET.

- At 1300ET, Tsy sells $12bln in 10-Yr TIPS; NYFed buying $5bln in Tsys today.