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Tsys see-sawed higher Thu, long end....>

US TSY FLOWS
US TSY FLOWS: Tsys see-sawed higher Thu, long end well off second half highs
amid thin participation, light volume (WNM dropped a full handle seconds after
extending session high). Yld curves mostly steeper, 3M10Y little flatter after
tapping two-year highs Wed. 
- In early trade, long end gapped lower/pared gains after headlines WH mulling
bonds out to 50Y (again). Poor data (Claims +70k to 281k, Philly Fed -12.7)
helped spur rebound.
- Not quite risk-on, but mkts a little more stoic on day w/equities firmer late,
near top end of range (SPs +25.0) with Trump admin considering "TAKING EQUITY
STAKES IN COMPANIES IT AIDS". West Texas crude surged near 25% (around 25.5
late) on headline Trump admin would like to facilitate Saudi/Russia discussions
on oil.
- Unexpected jump in corp issuance ($18.5B, $45.4B/wk) spurred decent two-way
hedging flow on day. Heavy option volume, put buying. The 2-Yr yield is up
4.1bps at 0.5337%, 5-Yr is up 4.5bps at 0.7879%, 10-Yr is up 11.3bps at 1.1915%,
and 30-Yr is up 10.3bps at 1.7875%.

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