Thursday represented a quiet session...>

US TSY/RECAP: Thursday represented a quiet session in the Tsy space despite

early volatility centring on the US CPI release, which saw the space pop higher

as a result of mostly softer than expected prints.

- Early flow included bank portfolio & real-money account selling further out in

the curve, while fast money accounts generated 2-way flow in the shorter end,

while some profit taking was noted in curve flatteners.

- Tsys pared gains after the London close, holding the narrow range, supported

by a strong 30-Year auction which stopped through screens, and promoted curve

flattening.

- 5-Year future rolls have begun.

- The Eurodollar strip was steady to mildly higher by the bell, with the long

end well off early session highs.

- T-Notes last at 119.13, US 10-Year yields closed at 2.962%.