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*** Tsys still off pre-open highs......>

US TSY FLOWS
US TSY FLOWS: *** Tsys still off pre-open highs but climbing higher going into
midday, yld curves paring steepener move. Recent support on back of Italy and
Greek yds vs. Bunds moving wider -- no specific driver for latter, but
colleagues note headlines "Italy's Poste Italiane solvency ratio dropped sharply
with the company citing volatility in BTPs may have contributed." 
- Equities climbing higher/session highs (AAPL now part of the "4-Caomma Club
w/Market cap topping $1T). Meanwhile, WTI crude surges (WTI +1.27, 68.93)
possibly tied to softening of emissions rules.
- US$/Yen consolidating near session lows (-.28, 111.44, 111.74H/111.32L),
correlation to Tys ylds a little soft this week
- Modest flow volumes, two-way positioning ahead Fri's NFP, light deal-tied flow
in 5s-7s, rate paying in 10s a few minutes ago.

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