Tsys ground higher Tuesday on the back of...>

US TSYS: Tsys ground higher Tuesday on the back of weaker consumer confidence

and a downturn in equities, as the FANG stocks struggled ahead of Apple's

earnings.

- Ranges remained fairly tight, with T-Notes going out at/near best levels, and

the belly outperforming in the cash space. FOMC decision & NFPs keeping many on

the sidelines.

- Little in the way of reaction in Tsys as Apple earnings not as bad as some

feared given the recent guidance cut, with equity futures moving higher in the

wake of the print, and Apple higher after hours.

- The latest 7-Year auction provided a small tail, direct takedown moved higher,

as dealer and indirect participation moderated.

- Focus now moves to the FOMC MonPol decision later Wednesday, with ADP data

also due.

- T-Notes last 121.23+, U.S. 10-Year cash Tsy yields closed at 2.710%.