Headlines:FOMC day is finally upon usEU’s von der Leyen: We will phase out Russian supply of crude oil within six monthsLatest EU sanctions will also target Russia’s top bankSNB’s Maechler: A strong franc helps to guard against inflationUS MBA mortgage applications w.e. 29 April +2.5% vs -8.3% priorEurozone March retail sales -0.4% vs -0.1% m/m expectedEurozone April final services PMI 57.7 vs 57.7 prelimGermany March trade balance €3.2 billion vs €9.8 billion expectedUK March mortgage approvals 70.69k vs 70.78k expectedMarkets:AUD leads, CHF lags on teh dayEuropean equities lower; S&P 500 futures up 0.4%US 10-year yields up 0.8 bps to 2.965%Gold up 0.1% to $1,868.82WTI crude up 4.4% to $106.92Bitcoin up 3.3% to $39,017It was very much a placeholder session as we await the FOMC meeting later today.There were light changes among major currencies, though the dollar is resting a touch softer for the time being. That said, the moves are relatively light all things considered.EUR/USD stuck in a narrow range around 1.0510-20 levels while USD/JPY did see a light retreat from 130.05 to 129.90. Commodity currencies are faring better as US futures inched up and the loonie benefited from stronger oil prices.AUD/USD is up 0.5% to 0.7130 from around 0.7110 earlier in the day. Meanwhile, USD/CAD inched lower from 1.2830 to 1.2805 as oil rallied after the EU proposed a phased embargo of Russian crude oil supply. WTI crude moved up over 4% to near $107 currently.The bond market remains tentative as all eyes are on the Fed while equities are having a mixed showing with European indices holding slightly lower while US futures are up a touch on the day.The Fed holds all the cards for what comes next, so let’s see what Powell & co. has to offer later in the day. May the 4th be with you~