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Stronger than expected ADP leads....>

US TSYS SUMMARY
US TSYS SUMMARY: Stronger than expected ADP leads to Tsy trading lower, moderate
volume (TYU 375k), curves steepening, reversing Tuesdays bull flattening;
dealers see lighter buying from overseas accounts as weakness; Tsy ylds higher
10Y 99-01.5 (2.986%) vs. 99-08 (2.962%) late Tuesday; 30YY 3.113%, lighter data
today with ADP and FOMC announcement leading todays outlook;
-US$ index near lows, DXY +.038 to 94.592; US$/Yen stronger, +.05 to 111.91
(112.15H/111.71L); equities firmer (emini -0.25, 2816.8); gold softer (XAU
-1.07, 1223.18); West Texas crude off (WTI -0.95, 67.81).
-JGB's reversed yesterdays gains as 10yr JBG yields made new highs +13bp
(+6.5bps)
-Reports that US considering a 25% tariff on $200BN Chinese imports lead to risk
off trading; China vows retaliation 
-Tsy cash/ylds: 2Y 99-28.5 (2.678%), 5Y 99-13.75 (2.87%), 10Y 99-00 (2.991%),
30Y 100-06 (3.114%).

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