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Treasuries ended a choppy Wednesday....>

US TSY/RECAP
US TSY/RECAP: Treasuries ended a choppy Wednesday midrange after market slid a
bit off highs in late afternoon after short-covering on noncontroversial FOMC
statement. The market saw late profit-taking and a small unwind too of Tsys cash
mkt flatteners. - The morning/first half markets wanted to buy everything: Tsys,
Equities, Gold, Oil. To be fair, equities trimmed gains earlier as did oil.
After an initial rally post announcement, bids in Tsys and gold continue to
evaporate ahead Thu's BoE announcement, Trump Fed chair pick and Fri's NFP. Flow
light. - Tsys gained earlier after weak NY opening, then bull flattening on Nov.
US Tsy refunding announcement; Tsy kept auction sizes steady on 3/10/30Y
auctions for next week. TBAC urged to raise Tsy supply issuance in front end. US
accts' selling early on strong +235K Oct ADP private payrolls; foreign accts
inactive. 30-year bond buying midmorning on softer 58.7 Oct. US ISM
Manufacturing; 0.3% Sept. construction spending. 9:47am ET block buy: 3,201 WNZ
Tsy futures. - Flatteners: 2/5Y, 2/10Y, 5/30Y; fast$ 5s10s steepener, bank
buying in 30s. - T-Notes last at 125-02 after taking a bid in Asia as the S&P
E-Mini declines. 10-Year yield last at 2.361.

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