Tsys see-sawed in a lower range.............>

US TSYS: Tsys see-sawed in a lower range Wednesday, finishing off of worst

levels, as equities continued to recover from last week's pressure. Multiple

factors at play for the apparent risk-on move included month-end rebalancing

flow, which pressured the space into the close.

- Data picked up: with stronger than exp Oct ADP private payrolls (+227k;

smaller than anticipated Sep down-revision to +218k), Oct MNI Chicago PMI little

weaker than expected (58.4 vs. 60.0 est).

- Decent volume belied rather subdued trade with many close to the sidelines

ahead of Friday's jobs report, next week's midterm elections and FOMC (no change

expected from Fed).

- Two-way flow with better sellers on net, prop and fast$ a/c's were buying

intermediates in the late U.S. morning. Modest corp deal-tied hedging &

swap-tied selling was seen in short to intermediates, with decent two-way flow

in 5s.

- Highlights Thursday are m'fing PMI/ISM surveys.

- T-Notes last 118.15+, U.S. 10-Year cash Tsy yields closed at 3.144%.