Long end UST's finished strong,........>

US TSY/RECAP: Long end UST's finished strong, status-quo FOMC minutes spurred

decent bout of selling in short end. Dec 12-13 FOMC Minutes show almost all

agreed on rate hike, Evans and Kashkari wanting to wait for inflation rise.

focus on Thu's ADP (+192k whisper), Fri' NFP (+190k est). Yield curves crater:

2s10s -3.019bp, 50.995bp (54.559H/50.633L); 2s30s -4.178bp, 84.867bp

(89.824H/84.400L); 5s30s -2.637bp, 53.751bp (56.931H/53.207L); Gold weaker (XAU

-$1.77, $1315.73), WTI new 2.5yr highs (WTI +$1.40, $61.77). Heavy Mar'18

Eurodollar volume post FOMC Mins. Equities surge, emini +20.0pts, 2713.0.

 Tsys followed core EGBs higher initially. Midmorning action rather muted as

Tsys lost support post data, sources reported fast$ sellers in 7s and 10s

pre-data. Post minutes selling 10s by fast & real$. 

- Specs, real$ modest buyers on lows post data, futures still off session highs;

intermediates levering to new intraday highs w/long end lagging move. Swap spds

running mostly wider, off early narrows amid some deal-tied hedging in 5s-10s,

light steepener action in 5s vs. long end.

- T-Notes down 2 ticks at 123.23 in Asia, 10-Year yield last up 0.7bp at 2.454%.