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Heading South




Breaches Key Short-Term Support


Late SOFR/Treasury Option Trade

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*** FOMC rate annc Wed, Tsy.........>

US TSYS SUMMARY: *** FOMC rate annc Wed, Tsy futures trading mildly weaker, near
low end narrow overnight range on light volume (TYZ w/155k) w/Japan out for one
day holiday. Tsys off early London lows as Gilts recover. USD stronger, equities
firmer (emini +4.5, 2501.75), gold weaker (-7.30, 1312.85), oil weaker (WTI
-0.26, 49.63).
- Asia, quiet open w/Tokyo financial mkts closed for holiday, BoJ meets Thu.
Mild risk-on tone, light sideways trade, better sellers w/USD gaining slightly.
- London, weaker open, two-way flow on net, end users bought 2s, 7s and 30s,
foreign central banks sold intermediates. S&P upgraded Portugal to investment
grade, Bund/SGP 10Y spd 28.8bp tighter.
- Swaps, mixed, wings tighter vs. wider intermediates, light volume, overnight
repo 5s, 7s and 10s tighter adding to wider swap spds. 
- Eurodollars, mildly lower across the strip, final settle Sep'17 futures 98.675
(3M LIBOR 1.3250%), Dec'17 lead quarterly 98.54 (-0.010).

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