The FOMC May meeting minutes contained......>

US TSYS: The FOMC May meeting minutes contained multiple mentions of the

symmetrical inflation objective. The most notable move came in Fed Fund futures,

with a bid noted as the Fed suggested that it is likely that it will raise the

IOER by a smaller increment (20bp) alongside the next rate hike.

- The space took a fresh leg higher after WSJ reported that the Trump admin is

considering a plan to impose new tariffs on imported vehicles, which the

President has now instructed the Comm Sec to investigate. The space gained

further ground in as questions re: the US-North Korea summit continue to do the

rounds, with a North Korean diplomat suggested that he would recommend that his

country's leadership reconsider attending the upcoming US-NK summit.

- Cash Tsys are higher, although the longer end is underperforming. T-Notes sit

just off of highs, 10-Year yields sub 3.00%.

- The Eurodollar strip has continued to edge higher.

- Fed's Dudley, Bostic, Kaplan & Harker will all speak today. There is also

7-Year Note supply.

- T-Notes last at 119.15+, 10-Year yield last at 2.986%.