Tsys ended Wed lower after choppy......>

US TSY/RECAP: Tsys ended Wed lower after choppy morning trade then quieter range

with varied curve trades, front end sales, 10Y futures sales, then some front

end dip buying. Thursaday is Fed Chair Yellen's meeting with Pres Trump; time

not known; may be published 11pm ET Wed on White House meeting schedule. 

- Tsys began weaker then NY Fed Dudley said there is "no reason" US expansion

has to end of old age and said Fed to hike 3x in 2017. Heavy TYZ 10Y futures

selling: 50K+ sold from 125-02.5 to 125-01.5. Stops hit on downturn, longs exit.

Fast/real$ sellers in 5-30s, insur. portf sales in 10Y, 30Y; flattener unwinds

too. Earlier mild FX-tied sales in Tsys as $ rose. Moderate high-grade corporate

bond issuance. 

- Eurodlr optn: 1:37pm ET block sale of 13,550 Blue Jun 73/76 put sprds, 9.5 vs

97.64p; adds to 75K sold in pit earlier. (125K sold since Oct6: ?rolldown lg leg

76/80 3x2 put spd macro fnd sold mid-Sep. 

- SWAPS: Tighter, recovery/payer unwind 5s,7s,10s.  

- T-Notes last at 125-04 in Asia, 10-Year Yield last at 2.347.