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US TSYS
US TSYS: Treasuries receded off the session high prices, cash 10-year note is at
2.352%, vs. session high yield of 2.376% at 6:44am ET. 
- FTN's Jim Vogel noted that "details of any tax plan that can pass likely to
disappoint stocks and that's one signal so far this morning with S&P down." He
added that the 10-yr UST traded lower in yield, hitting 2.336% at 10:14am ET "on
rapid buying, but plan fundamentals aren't necessarily positive for bonds."
- He adds that the tax plan work "has, though indicated a degree of budget
conservatism in the overall crafting of the first draft. Trading volume active
with more to come as this is not a one-day story."
- Vogel noted on US stocks that "consumer discretionary names hardest hit
because distribution of 20% bracket to corps and little at top end of personal
rates spurs investment over consumption. Bigger spenders will have to open
pocketbooks based on wealth accumulation rather than bigger 'take home.'"

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