Rates held mixed into the close,.......>

US TSY/RECAP: Rates held mixed into the close, curves hammered to new 10+ year

lows w/long end near session highs (2s10s -3.137, 53.245; 5s30s -4.286, 57.748).

Equities weak/off lows (emini -11.0, 2658.0), gold soft (XAU -1.06, 1254.59). 

- Tsys opened weaker, held narrow range into BOE and ECB policy annc's, little

knock-on effect or reaction to data flurry including wkly claims (-11K to 225K).

Real vol immediately started to evaporate on narrow range trade into ECB Draghi

presser (again, little react). 

- US$ reversed early strength into midday, spurred short covering, outright

buying in Tsys, while sources reported pension fund quarter-end rebalancing, MOC

sell imbalance orders building. - Flow included real$ buying 5s, 7s and 10s,

flatteners in 5s30s. Real$ and insurance portfolio buying long end late, more

curve flatteners via 2s and 5s vs. 30s. 

- Swap spds narrowed on light flow: small 2s5s flattener after 3s5s steepener,

prop and bank rate receiving/payer unwinds in 2s-10s in second half.

- T-Notes up 1+ ticks at 124.16 in Asia, 10-Year yield last 2.353%.