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Trading firmer, holding to narrow......>

US TSY FLOWS
US TSY FLOWS: Trading firmer, holding to narrow range after initial bid in early
London trade, decent volume (TYU>350k), yld curves flatter w/3M10Y shift back to
inversion (-6.551, -3.584; L:-3.584/H:-0.894).
- Modest pick-up in data w/Jun bldg permits rvsn, new home sales, Jul Markit
Mfg/Services Index. Otherwise, many will be keeping eye on Mueller testimony to
congress this morning. 
- US Tsy $41B 5Y note auction (912828Y87) today, was awarded 1.791% in June;
2.520% avg.
- Overnight flow includes fast$ buying intermediates to long end, swap-tied
buying in 5s and 10s, real$ buying cash intermediates, two-way deal-tied flow
w/better rate locks this morning.
- The 2-Yr yield is down 2.8bps at 1.8099%, 5-Yr is down 2.7bps at 1.8064%,
10-Yr is down 3bps at 2.0515%, and 30-Yr is down 3bps at 2.5857%.

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