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Relative quiet midweek trade,.......>

US TSYS SUMMARY
US TSYS SUMMARY: Relative quiet midweek trade, Tsys back near highs by the bell,
pared gains after strong 5Y note auction: $36B 5Y traded through: awarded 2.610%
rate vs. 2.820% WI (awarded 2.719% in June; 2.519% avg) w/ bid/cover 2.61 vs.
2.55 previous (2.50 avg). 
- Multiple late NY session headlines emerged around the US/EU trade talk in DC.
Rates held narrow range while US$ index fell to new session lows in react to
"Senators unveil bipartisan bill meant to delay Trump auto tariffs," CNN.
- Curves unwinding Fri/Mon's steepening, decent futures volume (TYU>1.2M).
Futures gained earlier on back of WP headline suggesting Trump advisors expect
(25%) tariffs on foreign autos this yr. Program buying quickly faded, two-way
flow/net. Heavy Block/buy 10k Eurodlr Red packs (EDU9-EDM0) +0-0.005. Modest
deal-tied flow, two-way swap flow on modest volume.
- US$ index off lows DXY -0.228 to 94.385; US$/Yen -.37 to 110.83
(111.38H/110.67L); equities rebound (emini +13.0, 2834.0); gold stronger (XAU
+7.66, 1232.19); West Texas crude bounce (WTI +0.71, 69.23). Tsy cash/ylds: 2Y
99-30 (2.653%), 5Y 99-04.25 (2.813%), 10Y 99-15 (2.936%), 30Y 101-05 (3.065%).

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