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Treasuries receded amid more.............>

US TSYS/3Y
US TSYS/3Y: Treasuries receded amid more pre-auction shorts, strong JOLTS data
and what our MNI FX colleagues described as "broad-based dollar demand" pushing
up US$/yen; cash 10Y note is at 2.274%, vs. session high yield of 2.276% at
10:48am ET. 
- Nomura Securities' N.American head of rate research George Goncalves and
analysts Stanley Sun and Penglu Zhao said they are "constructive on demand" at
today's $24B 3Y auction. 
- They said "foreign investors' takedown for the front end have been climbing
recently and foreign central banks' US Treasuries custodian holdings have also
been increasing, and both may help the 3yr takedown." 
- Also, they add, "Given the persistently low vol environment, carry investors
are likely to show strong appetite for the 3yr, which we believe offers the most
attractive C&R across the curve. On the other hand, 3yr relative valuations are
not compelling, both versus OIS and FF curve, in our view. The latest job data
have also been showing some pickup in wage inflation, which may dampen some
demand for the 3yr" auction.

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