Quiet end to wk, day after Fed.........>

US TSY FLOWS: Quiet end to wk, day after Fed raised target range for the federal

funds rate by 25bp, to 2.00%-2.25%. Early risk-off rate bid on renewed Italy

angst after Thu's budget meet 2.4% deficit higher than exp), BTPs wider vs.

Bunds (5Y appr 45.0), peripherals wider in general. US$ strong but off early

highs, DXY +.235, 95.129 vs. 95.366H while Euro bounced to just above 1.160.

- Long end bid evaporated as equities recovered, curves bent steeper. Sources

noted fast$ and prop acct selling intermediates, real$, bank bids below while

overall volume rather muted since the open. Little change in sovereign spds,

notably Italy vs. Bunds holding near session highs all session.

- Month/Qrtr/fiscal yr end extension buying supported short-intermediates,

curves bent steeper w/Bonds extending session lows late; late Block buys +12k

FVZ 112-15.5, +4.5k TNZ 126-20. Chatter deal-tied sales ahead potential Comcast

issuance next week.

- Ongoing political headline distractions: SCOTUS Kavanaugh vote delayed week

for further allegation investigation. Note, China out next week for National Day

holidays will dampen volume a little.