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Tsys chopping around just below the.....>

US TSYS/10Y
US TSYS/10Y: Tsys chopping around just below the session highs. Tsys digested
earlier news on 2Q unit labor costs, as it was up only 0.6%; however 1Q unit
labor costs were upwardly revised to a 5.4% rate, vs. 2.2% initially reported.
(Earlier 8:54am ET bullet mistakenly had the 5.4% as 2Q ULC, not 1Q report.)
- BMO's Ian Lyngen eyed today's $23B 10Y auction and said that "we were
encouraged by how well the 3-year auction went and while the correlation to the
10-year in a particular series certainly isn't one-for-one, we cannot help but
be impressed by the strongest non-dealer award since 2009 (second highest on
record). That said, we nonetheless anticipate good sponsorship for the 10-year
and would expect that a yield anywhere over 2.25% would be attractive to the
marginal buyer as the level has so distinctly become the line in the sand."
- He adds that "we're less convinced that the long-bond will be as easily
absorbed, if for no other reason than the long net spec positions that remain
evident in the CFTC data. We're holding our bias to come out of the auction
process long, although we'll acknowledge that an upside surprise from Friday's
CPI data would provide better placement."

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