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Treasuries slid late Tuesday amid......>

US TSY/RECAP
US TSY/RECAP: Treasuries slid late Tuesday amid Sen Budget panel voted 12-11 to
send on a tax reform bill to the full Senate; the Sen Committee advanced a GOP
tax bill on a party-line vote.
- Tsys had a choppy afternoon: declined on soft $28B 7Y auction, then rose on
news that N.Korea fired a missile, then zigzagged after that. 
- Tsys had post-auction redistribution sales on soft $28B 7Y auction: 2.230%
rate, fairly light 58.6% indirects, in-range 13.74% directs, leaving large 27.7%
for dealers to mop up. 
- Earlier, the Tsys hit session high price around noon ET, after bull
steepening, heavy futures volume (2.42Mln contracts), ongoing Dec/Mar roll
activity. Senate confirmation hearing for Fed Chr nominee Powell proceeded
smoothly; said case for Dec raising rates coming together. 
- House Minority Leader Pelosi & Sen Minority Leader Schumer skipped legislative
leaders' mtg with US Pres. Trump to avert debt limit expiration/govt shutdown as
peeved on Trump commment. Little react to 2nd tier data in the session.
- T-Notes open Asia at 125.01+, 10-Year yield last 2.331%

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