Federal Reserve exited their media..........>

US TSYS: Federal Reserve exited their media blackout last Friday, multiple

speakers on tap throughout the week. With the introduction of "symmetric"

inflation in last week's policy announcement, the highlight data focus will be

on Thursday's April CPI (0.3% est; ex food/energy, 0.2% est). "Given Dudley and

Williams comments about comfort with letting inflation run above target 'for a

while', TD Securities strategists said, they "suspect that the market will be

focused on any discussion on inflation overshoot." Nomura strategists said they

"expect FOMC participants to emphasize the symmetric 2% inflation target while

also emphasizing strength in the economic outlook." Nomura also noted after a

series of U.S./China trade delegation meetings last week "showed no material

change in the current tenor of ... trade relations as both sides stake out

positions unlikely to be accepted by the other. We find it more likely than not

that an initial round of tariffs by the two countries, of roughly 25% on $50bn

worth of goods both ways, will be enacted."