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FED

KC Fed President George

CHILE

Leftist Boric Retains Lead In Presidential Polling

US EURODLR FUTURES

BLOCK, Green Pack

US TSY FUTURES

BLOCK, Second 2Y Sale

US TSYS SUMMARY
US TSYS SUMMARY: Little activity in Tsys on Wednesday ahead of ISM data and, of
course, the FOMC meeting decision.
- With cash Tsys closed, key Asian markets and most of Europe out on holiday,
volume has been light (TYM just over 80k).
- Jun 10-Yr futures (TY) up 2/32 at 123-23.5 (L: 123-20.5 / H: 123-24).
- Curve fairly flat; 2-Yr yield is down 0.6bps at 2.26%, 5-Yr is down 0.7bps at
2.2716%, 10-Yr is down 0.7bps at 2.4945%, and 30-Yr is down 0.7bps at 2.9217%.
- Quiet in ED futures, up 0.5-1.0 ticks across most of the strip.
- Main event today is the Fed`s decision (1400ET) and Chair Powell`s press
conference (1430ET). No funds rate change expected but plenty to watch out for
including possible IOER adjustment and details on SOMA reinvestment.
- Our full preview: https://emedia.marketnews.com/Federal_Reserve_-_May_2019.pdf
- Our data team`s analysis of the MNI Chicago Business Barometer, plus other
regional US activity surveys, suggests that the national ISM release (1000ET)
could disappoint (55.3 prior, 55.3 est.)
- March construction numbers (1000ET) also of potential interest.