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Rates slip to new session lows by...>

US TSYS SUMMARY
US TSYS SUMMARY: Rates slip to new session lows by the closing bell after
chopping around narrow/higher range from O/N through early NY trade. US$ index
gaining late (DXY +.156 93.375 vs. 93.632H; US$/Yen -.08, 110.270; equities
stronger after weaker start (emini +13.25, 2722.25), West Texas crude firmer
(WTI +0.10, 71.41); gold bounce (XAU +1.25, 1291.76).
- While Tue's focus on strong US$ & Tsy ylds to multi-yr highs, Wed focus on
Italy amid coalition govy headlines: admission Italian debt forgiveness to EU
NOT part of program corresponded w/Tsys trading lower by late morning.
Correlation w/US$ less a factor today, while anything calming re: Italy (ergo
allaying demise of EU) deemed as risk on. Italy/Bund 10Y spd held near highs
(150.1; Greece lead +26.5 to 372; Portugal +10.2 to 118.0).
- Muted react to data (Apr housing starts -3.7% to 1.287m; IP +0.7%; CapU +0.4
to 78.0%) , as well as Fed speak (Bostic and Bullard, StL Fed Pres Bullard later
in the evening, 1830ET. Eurodlr futures mixed, short end weaker as 3M LIBOR set
+0.0050 to 2.3256%, still -0.0169/wk.
- Tsy ylds: 2Y 2.585%, 3Y 2.756%, 5Y 2.932%, 7Y 3.056%, 10Y 3.093%, 30Y 3.217%
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