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Looking to test early London session...>

US TSY FLOWS
US TSY FLOWS: Looking to test early London session lows, Tsys inching lower in
the lead-up to NY open, appears tied to rebound in equities, SPX +10.0
(underlying bid after China shares climbed +2.5% overnight).
- US$ index well off early London highs, rebounding; sovereign spds vs. Bunds
extend Thu's widening.
- Rather decent futures volume (TYZ>535k) on moderate range, quiet end to week
w/light US data, couple Fed speakers around noon. Overnight flow included prop,
fast$ buyers in short end better sellers in 10s and 30s includes real$. Modest
2-way curve flow while sources note steepener unwinds in 2s and 5s vs. 10s by
banks.
- Tsy cash/ylds: 2Y 99-23.5 (2.887%), 5Y 99-08.25 (3.036%), 10Y 97-11.5
(3.188%), 30Y 92-29.5 (3.378%).

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