Generally quiet (perhaps oddly so......>

US TSY FLOWS: Generally quiet (perhaps oddly so given bid for safe havens w/Gold

surging to 5Y highs) carry-over bid in rates after FOMC held rates steady, USD

continued to weaken on Fed outlook. Equities rallied ESM9 +24.5 at 2958.0 in

late trade, Gold climbed over 1390.0 first time in over 5 years, crude surged as

US/Iran tensions heats up. Fed exits media blackout.

- Well off early overnight highs, futures still trading higher across the board

-- near middle of session range, decent volume (TYU>1.9M) after while 10YY

slipped to low of 1.9719% (Nov'16 levels). 

- Risk-off bid for rates tempered, however, given how low ylds are already.

Decent selling into strength by real- and fast$, props in intermediates to long

end during second half.

- MASSIVE Eurodollar option volume favoring upside insurance buying as

underlying rates gradually priced in 50bp cut at next FOMC meet on Jul 30/31.

Implied vol continued to crater in the short end, however.

- The 2-Yr yield is up 0.4bps at 1.7387%, 5-Yr is down 1bps at 1.7481%, 10-Yr is

down 2.1bps at 2.0026%, and 30-Yr is down 1bps at 2.5251%.