Mildly choppy late trade despite.......>

US TSY FLOWS: Mildly choppy late trade despite mildly anti-climactic FOMC annc,

yld curves near highs with 30Y bond weaker but off post FOMC lows. Fed kept fed

funds target rate unchanged at the zero lower bound at 0.00% to 0.25, with no

dissents (10-0), IOER unchanged and ongoing commitment to limitless QE.

- Notable headline from Fed chair's presser: "THIS IS NOT THE TIME TO BE

CONCERNED ON FEDERAL DEBT".

- In early trade, fast and real$ sold across curve as Tsys pared gains ahead of

GDP. Earlier two-way flow w/better buying in intermediates to long end, Asia

real$ and bank portfolio selling in cash 7s, swap-tied selling in 5s and 10s.

- Equities climbed higher w/desks citing headlines: "GILEAD SAYS AWARE OF

POSITIVE DATA FROM NAID REMDESIVIR STUDY" Bbg and "GILEAD TRIAL HAS MET PRIMARY

ENDPOINT" Bbg.

- swap spds mixed after the bell, spd curve steeper with decent amount of

swappable supply generating two-way hedging in shorts to intermediates. 

- The 2-Yr yield is down 1.2bps at 0.1994%, 5-Yr is down 2.4bps at 0.3513%,

10-Yr is down 0bps at 0.6127%, and 30-Yr is up 2.5bps at 1.2295%.