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Tsys seesaw mildly higher, near........>

US TSY FLOWS
US TSY FLOWS: Tsys seesaw mildly higher, near highs on narrow range, decent
futures volume (TYM>345k). Tsys tracking Bunds after weaker than expected
factory order data (not to mention GDP forecast cut late Wed). Curves mostly
steeper (3M10Y
flatter)
- US$ index little firmer/near top end of range (DXY +.105, 97.196); equities
little weaker (SPX -2.0, 2877.75).
- Overnight flow includes two-way flow across the curve, position squaring in
fronts to intermediates, fast$ buying intermediates, bank portfolio and
leveraged accts in long end, deal-tied unwinds after Wed's decent $13B issuance.
- On tap for Thursday: Relative quiet ahead Friday's headline data, Thursday's
session includes March challenger layoff plans; weekly claims; March Treasury
STRIPS Holdings and Fed weekly securities holdings after the close.
- The 2-Yr yield is down 1.4bps at 2.3207%, 5-Yr is down 2bps at 2.3067%, 10-Yr
is down 2bps at 2.5044%, and 30-Yr is down 0.9bps at 2.9242%.

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