T-Notes have stuck to a very tight range....>

US TSYS: T-Notes have stuck to a very tight range overnight, ahead of the FOMC

decision, with cash Tsys closed & a large chunk of Asia out on holiday. U.S. Tsy

Sec Mnuchin noted that he had "a nice working dinner" with China's top trade

envoy Liu, on Tuesday. The trade talks are ongoing. On the same front, late

Tuesday saw the FT report that "Donald Trump has dropped a central demand from

trade negotiations with China that it halt alleged instances of commercial cyber

theft, in order to end a long-running tariff dispute.Mr Trump has softened his

administration's opening position on what it originally characterised as

"Chinese government-conducted, sponsored, and tolerated cyber intrusions into US

commercial networks", according to several people briefed on the negotiations. "

- The latest FOMC decision headlines today's docket (our in-depth preview is

available here: https://emedia.marketnews.com/Federal_Reserve_-_May_2019.pdf),

the m'fing ISM survey & ADP employment figure will also draw attention.

- Eurodollar futures trade 0.5 tick lower to 0.5 tick higher through the reds on

low volume

- T-Notes last trade at 123.21. U.S. 10-Year cash Tsy yields closed at 2.502%.