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Delayed/dovish react to widely.........>

US TSY FLOWS
US TSY FLOWS: Delayed/dovish react to widely expected steady FOMC rate annc: no
longer patient/will act as appropriate, uncertainties increased. 
- Short end rebounds Sep 2Y took out Tue's high post annc; curves steeper but
off highs amid some selling into strength. Tsy 10YY slipped to 2.0181L (-.0414).
Decent futures volume w/appr half the session volume occurring after the Fed
annc.
- Very choppy post FOMC trade, taking several minutes before markets digested
the annc and rally gained traction. Short end surges higher w/lead quarterly
EDU9 up .125 after the bell -- fully pricing in a 25bp rate and then some for
July 30-31 FOMC.
- Swap spds mostly tighter after the bell -- after running wider across the
curve pre-FOMC. Modest unwinds in last hour after much better rate paying in 1s,
2s and 3s earlier, receivers in 4s, 5s and 10s; mixed fly: 2s7s10s payer and
2s3s5s receiver, switches in intermediates.
- The 2-Yr yield is down 11.9bps at 1.7453%, 5-Yr is down 6.4bps at 1.768%,
10-Yr is down 2.9bps at 2.0302%, and 30-Yr is down 0.6bps at 2.543%.

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