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T-Notes went out at/near worst.........>

US TSY/RECAP
US TSY/RECAP: T-Notes went out at/near worst levels, on Tuesday, grinding to
fresh session lows late in the day ahead of the results from the Midterm
elections. Have ticked higher after the re-open.
- Otherwise, early two-way flow turned better selling by prop, fast- and
real-money a/c's in 5s-10s.
- Midterm election risk-event buoyed implied vol in at-the-money 5- and 10-Year
options, which read higher on the day. Better put volume on net, with calls more
two-way.
- Tsy futures flattener block noted: -11,398 FVZ 112-05 vs. +2,103 WNZ 148-19;
Large TYZ 117.5 put roll to TYF Block ahead quarterly expiry in couple weeks.
- Focus is well and truly on the Midterms, ahead of the Fed MonPol decision, due
Thursday.
- T-Notes last 117.31+, U.S. 10-Year cash Tsy yields closed at 3.228%.
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com