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Rates strong but off early overnight...>

US TSY FLOWS
US TSY FLOWS: Rates strong but off early overnight highs. Tsys gapped higher in
react to "flash-crash" in US$/Yen to 104.87 after trading above 109.0 most of
Wed, drop in equities (particularly AAPL) contributed to surge in risk-off tone.
- Tsys pare gains again after latest ADP figure comes out strong (+271K), but
Nov down revision to 157k vs. 179k.
- Heavy futures volume, TYH>515k even w/Japan still out for holiday. Flow
included various acct buying across the board, on the heels of program buying,
fast- and real$ in intermediates swap-tied buying in short end.
- Tsy cash/ylds: 2Y 99-31.5 (2.504%), 5Y 100-19.5 (2.493%), 10Y 104-02.5
(2.650%), 30Y 107-31.5 (2.968%)

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