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(M2) Correction Extends


Late Session Rebound


(M2) Corrective Cycle Remains In Play


(M2) Gains Still Considered Corrective

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*** Quiet at start of 2-day FOMC....>

US TSYS SUMMARY: *** Quiet at start of 2-day FOMC policy meeting. Tsy futures
trading mildly weaker, off late overnight lows, decent volume in TYZ (>360K),
10Y yld holding below 2.4% at 2.378%. Equities firmer (emini +4.75, 2573.0),
gold weaker (-3.20, 1273.15), oil weaker (WTI -0.05, 54.10). Overnight repo, 10Y
- Asia, Tsys traded mildly higher after weaker open, held to narrow range amid
modest two-way trade into London open. Flow included month end buying, profit
taking/dip buying from misc accts. BOJ kept policy unchanged as expected; China
manufacturing data proved weak.
- London, opened firmer amid carry-over month end and relative value buying.
Light volume w/Germany out on one-day holiday. Earlier move off lows on soft
Eurozone CPI data.
- Swaps, spds running mildly tighter, narrow range; earlier flow included 2-10Y
steepener and 8-9-10Y swap fly with paper receiving the belly. 
- Eurodollars, trading mildly weaker, just off low end narrow overnight range,
light volume EDZ8<50k).
MNI Chicago Bureau | +1 312-431-0089 |
MNI Chicago Bureau | +1 312-431-0089 |

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