T-Notes finished Weds at session.......>

US TSY/RECAP: T-Notes finished Weds at session highs, as the curve bull

steepened post-Fed. The FOMC held rates steady & said it "will be patient" in

light of "muted inflation" & "global econ & financial developments." Forward

guidance on "further gradual increases" in rates was removed as well as its

assessment on balance of risks, as the FOMC pivoted further toward data

dependence. In updated guidance on balance sheet normalization, the FOMC said it

is "prepared to adjust any of the details for completing balance sheet

normalization in light of econ & financial developments." However, it also

emphasized that the fed funds rate is its "primary means" of adjusting the

stance of MonPol. The FOMC formally committed to the abundant reserves policy

implementation framework it has employed since the financial crisis.

- In the post decision press conference Chair Powell noted that current policy

settings are appropriate, pointing to crosscurrents in the global economy,

alluding to a wait and see approach on the balance sheet.

- Chicago PMI data is due Thursday.

- T-Notes last 122.04, U.S. 10-Year cash Tsy yields closed at 2.677%.