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Second Half Sag

US TSY FLOWS

Combination of stronger equities, two tailed note auctions
and larger than exp'd corporate issuance hedging tied to ATT
5pt jumbo borrowing another $11B after securing $12.5B in May,
reversed first half support, futures extending session lows
after the close. Yld curves see-sawed on session, finish steeper.
The 2-Yr yield is up 0.4bps at 0.1514%, 5-Yr is up 1bps at 0.2852%,
10-Yr is up 2.6bps at 0.6151%, and 30-Yr is up 3.3bps at 1.2626%

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