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*** Treasuries hovered near.........>

US TSYS SUMMARY
US TSYS SUMMARY: *** Treasuries hovered near session highs midday Wed after
mixed $24B 3Y auction after morning dealer-lead shorts and sales into the
auction; 3Y sale followed by 1pm ET $20B 10Y reopening and later, 2pm ET FOMC
meeting minutes. Tsys opened NY weaker then saw morning early FX-tied buying by
black boxes in trade as US$  weak; late morning reverse selling as US$ firmed. 
- Tsys improved amid big 10Y Tsy futures block buy of 17,556 TYZ7 at 125-10+;
likely explained why futures jumped from 125-08 to 125-11+ around 8:35am ET; UK
Gilts pared loss too. (Wed early 10Y futures block buy followed Tues block buy
of 18,712 10Y Futures at 125-03, 8:39 am ET.) 
- Tsys saw mild corporate rate-lock hedges amid busy high-grade US$ corporate
bond issuance. US Tsys saw mild 8:42am ET buying in 10Y, 30Y and 2/10Y
flatteners and 2/30Y, 5/30Y flatteners. 
- Tsy 10Y TYZ7 futures had 7,500 block buy around 11:07am ET at 125-11. 
- US SWAPS: Large US$507,200+ DVO1 20Y/25Y/30Y swap fly done, paper receiving in
belly. 
- US EURODLR FUTURES: Micro-curve steepening done: 12K Dec8/Jun9 at 9.5.

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