T-Notes closed pretty much at best levels...>

US TSYS: T-Notes closed pretty much at best levels Wednesday, with the belly

outperforming in cash trade.

- The complex showed very little reaction to the minutes from the Fed's most

recent MonPol decision. The minutes revealed that the FOMC's patient stance on

interest rates would likely remain appropriate "for some time," implying rates

would stay on hold for longer yet. Inflation pressures remain "muted" while some

of the global risks and uncertainties that had clouded outlooks at the beginning

of the year had "moderated." Officials judged that a patient stance was

warranted "even if" global economic and financial conditions continued to

improve. Many officials viewed the recent dip in PCE inflation as "likely to be

transitory," attributing the softness to idiosyncratic factors.

- Fedspeak throughout the day offered little new, with voter Bullard's comments

getting a wider airing after the initial BBG interview and subsequent speech in

Asia-Pacific hours.

- T-Notes last 124-15+, U.S. 10-Year cash Tsy yields closed at 2.382%.