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The FOMC Minutes finished off a.....>

US TSYS SUMMARY
US TSYS SUMMARY: The FOMC Minutes finished off a strongly positive session in
the Treasury market yesterday but the peaks attained in the aftermath were faded
quickly and the TY is trading at at the pre-FOMC level of 126-13+.
- The influence of Trump's problems certainly helped Treasuries perform strongly
yesterday. Hopes of a large fiscal boost have receded even further but there is
now a sense of even greater anticipation of what he will Tweet next.
- Volumes have been light in Asian and European trading and trading ranges very
tight.
- USD 3m2Y or 3m10Y normalised implied vols have dropped back to basically the
lowest that these gamma heavy vols goes to historically.
-  This morning the 2Y and 10Y UST yields sit at fairly stable levels of 1.33%
and 2.233% respectively. 

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