T-Notes finished in the middle of......>

US TSY/RECAP: T-Notes finished in the middle of their range on Wednesday, with

the curve trading a touch steeper on the day, as the longer end underperformed.

- Tsys had followed Gilts lower after early reports that Germany & the UK are to

drop key Brexit demands, however, a German spokesman later noted that the

country's Brexit position has not changed, allowing the space to retrace. Dovish

FOMC non-voters Kashkari & Bullard stuck to script, with Kashkari once again

pointing to the EM space as another source of risk.

- Decent two-way flow was observed in shorts to intermediates, with a blocked

steepener in FVZ/WNZ (duration neutral) and outright buying of 13.8K FVZ, decent

deal-tied hedging was also noted amid heavy corporate supply. 

- ADP employment data is due on Thursday, ahead of Friday's labour market

report, with the PMI/ISM services surveys also on the docket, in addition to

durable goods and factory orders data. Fed's Williams is also due up on

Thursday, with participants also on the lookout for any U.S.-China trade

rhetoric ahead of the upcoming imposition of addition U.S. tariffs on China.

- T-Notes last 120.00, U.S. 10-Year cash Tsy yields closed at 2.902%.