EUROZONE ISSUANCE: [CORRECT] EGB Supply (2/2)

• Date $MM Issuer (Priced *, Launch #)
• 06/03 $3B #IADB 5Y SOFR+30
• 06/03 $3B QXO Building Products $1.25B 5NC2 6.625%a, $1.25B 8NC3 7%a
• 06/03 $1B #Bahrain 10Y 7.125%
• 06/03 $Benchmark Fairfax Financial 30Y +140a
• 06/03 $Benchmark Dominion Energy 10Y +120a
• 06/03 $Benchmark Bank of New Zealand 5Y +85a, 5Y SOFR

Fed Gov Barr said at an event Wednesday that "our current policy is in a good place. My own view is it's likely to stay there for quite some time as we wait to see how this plays out" (as quoted by MNI's Policy Team). Like most of his FOMC colleagues, he's eyeing whether recent price shocks related to the war in the Middle East spread more broadly in coming months, though he continues to sound like one of the most hawkish members on the Board of Governors given that he is openly eyeing potential for rate hikes.

• He said that tariffs and the oil shock may be one-time price effects, in which case inflation should come back to target and the Fed will eventually cut rates, but "there's also the risk where inflation is extending more broadly into the economy that we might actually have to raise rates."
• Barr's previous monetary policy commentary in mid-May was that he hadn't decided on what to do at the June FOMC meeting, and that inflation was the "overwhelming" risk.
• His latest comments suggest further support for dropping the Statement's easing bias at the June meeting. It's likely he was the only BoG member among the 7 FOMC members in the March Dot Plot to have indicated they didn't expect any rate cuts by end-2026, though it sounds like he won't indicate an expected future hike in the upcoming June SEP round.

• EUR/USD: $1.1500(E2.4bln), $1.1570(E2.3bln), $1.1600(E1.8bln), $1.1630-50(E3.7bln), $1.1700-15(E5.9bln), $1.1750(E1.0bln)
• USD/JPY: Y158.00($2.8bln), Y158.50($1.9bln), Y159.00($4.9bln), Y159.50-70($2.1bln), Y160.00($2.6bln)
• GBP/USD: $1.3360-80(Gbp1.1bln), $1.3425-30(Gbp725mln), $1.3545-50(Gbp1.1bln)
• EUR/GBP: Gbp0.8640-45(E1.0bln)
• AUD/USD: $0.7050-55(A$1.4bln), $0.7120(A$531mln), $0.7155(A$625mln), $0.7200(A$622mln), $0.7225-35(A$1.7bln)
• USD/CNY: Cny6.8140($1.2bln)