Fiscal To The Fore Post-Fed

The lack of meaningful fresh material from the FOMC and continued
fiscal impasse in DC has resulted in a stale Asia-Pac session for Tsys,
with cash yields sitting 0.2-0.9bp richer across the curve. T-Notes +0-01+
at 139-25+, sticking to a 0-02 range thus far. On the flow front, we saw a
seller of 3.0K USV0 184.00 calls vs. buying a USV0 176.00/172.00 put
spread via block for a second consecutive session, the size and direction
matched yesterday's flow, although the strike on the calls was slightly
different (185.00 yesterday)

• As a reminder Wednesday saw T-Notes finish shy of best levels as
  the cash curve twist steepened on the day, pivoting around the belly.
  5s touched fresh record lows in yield terms, trading through 0.25%.
• The fiscal impasse on the Hill continues to draw attention, while the
  advance Q2 GDP reading and weekly jobless claims data headlines
  the local docket.