Long end Tsys just off late.........>

US TSYS SUMMARY: Long end Tsys just off late session lows by the bell, 10YY

climbs to new high of 3.0334%; short end stable, w/curves steeper. Correlations

to stronger US$ climbing (DXY +.425, 91.191; US$/Yen to 109.37).

- Equities higher late (emini currently +6.25, 2641.5); gold still weaker (XAU

-8.35, 1322.04); West Texas crude little firmer/off lows (WTI +0.19, 67.89) some

headlines making rounds that Chevron evac'ing execs amid staff arrests in

Venezuela.

- Decent futures volume (TYM>1.4M), massive steepener Block (+100.17k FVM

113-08.5 vs. -63.88k TYM 119-03; said vs. Bund/bobl flattener (+29150 RXM8 at

157.81 vs. -65360 OEM8 at 130.61) earlier. Modest deal-tied flow in mix,

note-auction hedging, $35B 5y note stopped 0.2 through at 2.837% (2.612% at Mar

27 auction) at a 98-15.37 cash equivalent.

- Option flows rather bullish, in context -- accts taking profits on puts while

opening on buying calls to fade current sell-off. Focus on Thu's ECB rate annc

and Fri's GDP and ECI data for direction.

- Late ylds: 2Y 2.484%, 3Y 2.634%, 5Y 2.833%, 7Y 2.969%, 10Y 3.024%, 30Y 3.210%