Still weaker but inching off lows......>

US TSY FLOWS: Still weaker but inching off lows not seen since Aug 8, volumes

still chugging along (TYZ>2.2M) but most of that traded by midday. Despite the

ECB policy and spurious US/China trade anncs' Tsy implied vols are in retreat. 

- Second half flow included pre-a8uction short sets followed by decent fast- and

real$ buying into the post-auction sale, real$ sold 10s vs. off the runs, after

5s10s block steepener, fast$ in 3s30s flatteners.

- Earlier flow included better fast$ and prop buying intermediates, real$ and

bank portfolio buying in intermediates to long end, chatter of CTA sales in 10s

on post ECB move. 

- The 2-Yr yield is up 4.3bps at 1.7172%, 5-Yr is up 4.8bps at 1.6415%, 10-Yr is

up 3.8bps at 1.7767%, and 30-Yr is up 3bps at 2.2514%.