Not Much To Assess From Tuesday

T-Notes unchanged at 137-12. This comes after rangebound pre-FOMC trade on Tuesday, with some suggesting that widely aired internet issues for the U.S. east coast, based on an issue in the Brooklyn area of New York, may have limited participation. NY flow was headlined by a 3.0K block seller of USH1. On the supply front, investor calls for the 7-Eleven multi-tranche bond offering that we flagged previously took place.

• Cash Tsy yields were little changed come the bell.
• The latest 5-Year auction stopped through WI by 0.2bp, while the cover ratio was ever so slightly below the recent average, with indirect participation nudging higher at the expense of direct participation.
• There is little in the way of pure tier-1 risk events scheduled for Asia-Pac hours, with Australian CPI expected to have little spill over for the space.