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Generally quiet session, Tsy........>

US TSYS SUMMARY
US TSYS SUMMARY: Generally quiet session, Tsy yields directional w/swings in US$
on day, and wider sovereign spds added to rate bid earlier (BTP/Bund 10Y +5.8).
Tsy futures near late session highs, decent volume (TYU>1.2M), curves unwind
small portion of steepening since Friday.
- US$ index little weaker/off lows DXY -0.014 to 94.618; US$/Yen -.14 to 111.21
(111.51H/110.96L); equities firmer/well off highs (emini +6.5, 2818.5,
2831.25H); gold marginally lower (XAU -.32, 1224.18); West Texas crude firmer
(WTI +0.55, 68.43).
- Quiet two-way flow on net, FX/program trade reacting to US$ moves, pause in
curve flattener unwinds, waiting to see how Wed shapes up, light deal-tied flow
in 3s, 5s and 10s. Sidelined accts awaiting Fri' GDP.
- Treasuries prices hold mildly lower in short end after $35B 2Y stopped out,
awarded a 2.657% rate vs. 2.655 WI (2.538% previous) w/bid/cover 2.92 vs. 2.73
previous (2.84 avg).
- Tsy cash/ylds: 2Y 99-23.75 (2.633%), 5Y 99-03.25 (2.819%), 10Y 99-11.5
(2.949%), 30Y 100-28.5 (3.078%).

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