T-Notes in a tight range at the start of....>

US TSYS: T-Notes in a tight range at the start of Asia-Pac trade, last -0-01 at

139-04+, hovering just off Tuesday's worst levels.

- Tuesday saw another round of steepening of the curve, with equities bid into

month-end, as it became apparent that the heavily touted quarter-end flows (-ve

equities/+ve bonds) were executed ahead of time. Having said that, a late NY

5.0K ultra bond block buyer, as well as a pick up in activity surrounding

month-end, helped T-Notes off of session lows, but the move was fairly limited.

- Consumer confidence data topped exp., while the MNI Chicago PMI was on the

weaker side.

- Messrs Powell & Mnuchin offered little in their latest address. Meanwhile, NY

Fed President Williams noted that the central bank is analysing the potential

costs & benefits of yield curve control. Williams said "yield curve control at

the shorter end of the curve is really thought of, I think, mostly as a way to

support or reinforce forward guidance of the federal funds rate."

- China's Caixin manufacturing PMI headlines the Asia-Pac session.