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Trades firmer after the bell, pared....>

US TSY FLOWS
US TSY FLOWS: Trades firmer after the bell, pared gains after better than
expected up-revision to Jan ADP (+300k vs. +213k), Feb ADP more or less in line.
Moving off lows post trade data.
Equities see-saw in narrow/lower channel. Tsy yld curves mildly steeper now; US$
firmer (+.042, 96.907).
- Incoming supply remains strong -- >25B/wk so far, inaugural 3-part issuance
from Qatar generating two-way hedging (and unwinds already) ahead est. $10B
($35B book), Dell Technologies issuance could be large as well.
- Overnight flow included official acct selling short end, real$ buying 10s and
30s.
- Tsy cash/ylds: 2Y 99-29.38 (2.541%), 5Y 99-09.75 (2.523%), 10Y 99-07.5
(2.711%), 30Y 98-13 (3.079%).

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