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Recent see-saw action in...............>

US TSY FLOWS
US TSY FLOWS: Recent see-saw action in rates/equities last 10 minutes as Tsys
pared gains as equitys staged a bounce off lows -- move short lived as equitys
reverse again (ESU0 -25.0) and Tsys regain footing. Sources reported "some
rotation underway in stocks -- out of growth/momentum and into value and smaller
cap and short covering in financials and energy". In Tsys, sources note selling
in long end ahead 20yr announcement. The 2-Yr yield is down 0.6bps at 0.149%,
5-Yr is down 1.1bps at 0.277%, 10-Yr is down 1.8bps at 0.6119%, and 30-Yr is
down 2.6bps at 1.3064%.

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