As a reminder yesterday's $24bln 3Y....>

US TSY/RECAP: As a reminder yesterday's $24bln 3Y note auction was mixed but the

10Y re-opening was strong. 

- The $12bln of the 30Y Bond later today raises all new cash. 

- BMO analysts Aaron Kohli and Ian Lyngen said the 1pm ET Thursday 30Y bond

auction "is just ahead, and we're optimistic about auction cycles helping bring

out the demand that leads yields to drop. This cycle is no different and while

we're not fans of the 30-year at the auction given how much the curve has

flattened, that's a near-term perspective based partly on positioning and

momentum." 

- They add that "our longer-term view still holds that the bond should be bought

and that the 5s/30s curve is headed much flatter in the longer run. We're dip

buyers when it comes to USTs coming out of the week and heading into the next

one."