FTN Financial's Jim Vogel said.........>

US TSYS/TIPS: FTN Financial's Jim Vogel said today's $14B 5Y TIPS reopening

auction "award at 0.117% was sloppy vs WI bid of 0.112% prior to sale and 0.105%

45 minutes prior, but it was enough to get 65.5% into indirect hands and leave

only 22.8% for dealers. Bid/cover at 2.41x was easily within the TIPS ballpark

while the 13.4% awarded at the high shows the basic support in the low 0.11s for

the awkward youngest child in the TIPS family."

- He adds US "stocks have been unable to hold small gains, allowing global

yields to tread water again. In the US, tech is struggling the most on the day

but not approaching many recent lows (with the exception of Amazon). Flows in

Treasuries are keeping pace with the first three days of the week. Flows do miss

any impetus from Europe as markets there are largely dormant. Corporate supply

remains stuck in neutral as well."