Tsys are broadly weaker across the.....>

US TSY FLOWS: Tsys are broadly weaker across the curve after the bell, settling

in since midmorning after better than expected data triggered heavy selling

(10YY +7.5bps). Yld curves bear steepening, 5s30s nearing 3 year highs tapped

mid-March. Much better volumes, TYU >1.3M after seeing less than 1M Tue. 

- Equities higher all session seeing some late selling ahead close (ESM0 +39.0).

- ADP private payrolls easily beat expectations, coming in at -2.76mln, versus

-9.0mln expected (and -19.6mln prior, which is an upward revision from

-20.2mln). The ISM non-mfg index bounced 3.6pt to 45.4 in May after index

slumped to an 11-year low in Ap.

- Rate sales accelerated post data, Tsy ylds back to mid-April levels Yld curves

bear steepening also back to multi-week levels. some tight stops and risk-off

unwinds exacerbating move, heavy volumes. Implied vol directionally higher

w/Ylds and of course equities continue higher. Gold hammered, off 1689.56 low or

through key support level of $1694.3, May 27 low.

- The 2-Yr yield is up 3.4bps at 0.1959%, 5-Yr is up 5.6bps at 0.3734%, 10-Yr is

up 7.7bps at 0.7623%, and 30-Yr is up 6.8bps at 1.5551%.