***Summary of US flows that we have.........>

US TSYS: ***Summary of US flows that we have heard:

* Soon after the FOMC there was paying in the belly and curve flatteners, and a

little later on small asset manager interest to fade the move through

steepeners.

* In cash, Traders reported busy selling soon after the FOMC but the 10Y cash

note did see some bargain-hunting. USTs saw 5/30Y and 2/30Y flatteners

* Traders reported good buying on the dip going into the 3pm ET close.

* Japanese lifers were heard to buy 30Y Treasuries and 10Y buying from Japanese

banks in Asian time zone. Buying of corporate bonds on an asset swap spread

basis. 

* US Traders report increased interest in the USDJPY particularly for 2Y

traders; the yen ended the day on the 200 day moving average.