Treasuries rose amid uncertainty....>

US TSYS SUMMARY: Treasuries rose amid uncertainty as US Pres. Trump ends

Manufacturing Council and Strategy & Policy Forum as some execs had resigned;

Tsys & gold gained, stocks ebbed. Earlier, Tsys rose amid unwinds of corp.

rate-lock hedges from Tuesday's heavy high-grade bd issuance. Buying in long end

cash and Tsy futures earlier, and 12:50pm ET Tsy future flattener (6,545 FVU 5Y

futures sold/vs. 12,013 TYU 10Y futures crossed on offer).

- Tsys began NY weaker but somewhat supported after Reuters said ECB Draghi wd

not make new policy changes at Jackson Hole Fed conf. Tsys aided by weak -4.8%

July housing starts. Also classic bond futures buying: 10,000 USU bought from

154-19 to 154-21 prior to 11:10am ET.

- Tsys bull flatteners before 10:49am ET, long end led rebound. Tsys saw prop

and fast$ buying in 10Y, 30Y; swap-tied 10Y receiving. Long end aided by 2/30Y,

5/30Y flatteners, dip buying, 2/7Y, 2/10Y steepener unwinds. Euribor ERZ7 (3m

Euribor Dec17) had large buyer prior to 11:36 am ET of 22,000 at 100.325.

- O/N RP: 2Y, 5Y Tsys tighter.

- High-grade corp. bond issuance lighter than Tues. US swap sprds: mixed.