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Trades mixed into the open, long....>

US TSYS SUMMARY
US TSYS SUMMARY: Trades mixed into the open, long end bounced/extends top of
overnight range as equity sell-off continues; TUZ-TYZ still lower but saw good
buy interest on move; yld curve still steeper; 10YY highest in app 7 years.
- Slow start for data but multiple Fed speakers today: Dal Fed Kaplan at
Eco-Club NY at 0800ET, Philly Fed Harker at 1300ET, Chicago Fed President
Charles Evans and NY Fed President Williams. Don't expect much from Evans this
time around while Williams will take questions at a NY Fed/Bank of Indonesia
Central Banking Forum in Tanjung Benoa, Indonesia later in the evening.
- Overnight flow included bank portfolio selling 5s, prop and real$ buying long
end, two-way curve flow leans toward better steepener/flattener unwind. Chunky
two-way TYZ Blocks
- Tsy cash/ylds: 2Y 99-23.75 (2.881%), 5Y 99-03 (3.071%), 10Y 96-30.5 (3.237%),
30Y 92-06.5 (3.417%).

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