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Treasuries fell back off the morning...>

US TSYS/TIPS
US TSYS/TIPS: Treasuries fell back off the morning high prices, amid
profit-taking at the highs but also on FX-tied black-box selling in Tsys too as
US$ firms vs. Jpn yen after earlier weakness; FX trade is choppy though. Tsys
had two futures block sales too: 3,500 in Sep 10Y Ultra at 10:11am ET and 10,000
TYZ 10Y at 10:04am ET. 
- Tsys also had some mild pressure amid shorts set into 1pm ET US$12B 10Y TIPS
reopening. TIPS are underperforming now vs. nominal Tsys, after earlier very
similar performance vs. nominals. Traders cited "selling of breakevens" and said
it's "hard to say" how the TIPS auction will go as "these TIPS auctions can be
all over the place, very volatile," as one trader put it. 

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