Treasuries ended lower Tues after......>

US TSY/RECAP: Treasuries ended lower Tues after dip buys at selloff lows; US

House voted 227-203 to pass US tax bill; bill goes to US Senate. Curve bear

steepened as long end yields rose. Tsys began NY mixed/flatter, then dropped

with sliding German Bunds (due to higher 2018 overall German govt debt supply,

esp. long end.) Tsys also hurt by firm US$/yen FX-tied sales. Tsys sold due to

3.3% US Nov hsg starts; US 3Q Current Acct Gap -$100.6B. 

- Tsys 8:14am ET big steepener block trade (separate prints): sale apparently of

11,950 in FVH 5Y Futrs/vs. 2,000 buy of WNH Ultra bd futrs. Tsy futrs had 9:08am

ET block sale of 7,200 TYH 10Y futures. Later block sale: 5,000 TYH 10Y futrs at

11:35am ET. 

- Cash Tsy curve flipped to steeper. Hi-grd corp bd issuance dead. EGBs weak:

10Y German Bund yld +6.9bps to 0.373%; cre EGBs hurt: Hansson said ECB needs to

adjust communication 1H 2018. 

- EURODLR FUTR: Spd buyer pre-10:55am ET: 50K EDZ8/EDH9; earlier sale 50K EDU8

White.

- T-Notes up 2 ticks in Asia at 123.24, 10-Year yield -1.4bp at 2.450%