Post-FOMC chop saw futures..........>

US TSYS SUMMARY: Post-FOMC chop saw futures alternately make new highs then

session lows as market digested dots, hold at 3 (rally), but more aggressive

2019 path (sell-off). Dovish comments on Fed chair presser spurred steepener/bid

in short end.

- US$ index lower/reverses Tue's gains post FOMC (DXY -.604, 89.770); equities

mildly higher (emini +1.5, 2725.0); gold gaps higher (XAU +23.60, 1334.90); West

Texas crude stronger as well (WTI +1.93, 65.47).

- Short end Eurodollar futures reversed losses/pulled higher after dovish tone

from Fed chair Powell that there is no sense we are "on the cusp of an

acceleration in inflation" from current data. Focus is on more aggressive 2019

hikes. Buyer of appr 165,000 EDZ9/EDZ0 spds from 0.065-0.080 last two sessions

making out well, spd currently 0.120.

- Swap spds wider, spd curve flatter with short end leading move, better rate

paying in short end late. Light deal-tied flow, early two-way across curve amid

better selling from fast$, props

- Late ylds: 2Y 2.303%, 3Y 2.462%, 5Y 2.681%, 7Y 2.815%, 10Y 2.889%, 30Y 3.121%