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Tsys near top end of range by the...>

US TSYS SUMMARY
US TSYS SUMMARY: Tsys near top end of range by the close, curves bull flattening
on modest volume (TYM<1.2M), 10YY <3.0% at 2.95%. Equities weaker/off lows
(emini -1.5, 2673.0); gold firmer (XAU +7.78, 1324.70); West Texas crude little
weaker (WTI -0.14, 68.05). Post-data trade (1Q adv GDP +2.3%; 1Q ECI +0.8%).
- US$ index mildly weaker (DXY -.011, 91.550) US$/Yen near lows at 109.02 after
109.54 tap earlier. US$ move added to early real-vol as Tsys sold off on
post-data spike in US$/Yen, reversing soon after.
- Some participants anticipated an in-line or weaker US Q1 GDP read following
the weak UK release that generated some knock-on support in Tsys as Gilts
rallied and  May BoE rate hike exp's declined.
- Early two-way flow from props, real$ and bank portfolio evaporated w/sporadic
buying in long end from bank and insurance portfolios on lighter volume. Acct
gravitated to sidelines ahead weekend w/next wk's FOMC rate annc on Wed May 2.
Note, China markets closed Mon, Tue for Labor Day holiday while Japanese mkts
closed Mon, Thu and Fri for public holidays.
- Late ylds: 2Y 2.480%, 3Y 2.618%, 5Y 2.801%, 7Y 2.917%, 10Y 2.959%, 30Y 3.127%
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