Tsys trade mixed after the bell,.......>

US TSY FLOWS: Tsys trade mixed after the bell, long end underperforming but well

off early session lows. Yld curves inched steeper but remain near 12+ year lows,

3M10Y well inverted while 2Y10Y holds near 0.0.

- While risk on touted early, underlying risk factors (US/China trade and

knock-on effect to global economy, no-deal Brexit angst) really haven't

evaporated -- spurring steady buying since mid-morning -- even as equities

retained bid (after overnight support w/Asia shares on Hong Kong extradition

bill taken off table). 

- Familiar refrain from flurry of Fed speakers on day (Williams, Bowman,

Bullard, Kaplan, Kashkari and Evans) ahead start of Fed Blackout period (Sep

7-19) -- trade war weighing, manufacturing uncertain, but consumer strong. 

- Second day heavy high-grade corporate issuance, $30.25B total/day, $50.35B/wk.

- Early two-way saw fast- and real$ turn better buyers w/props in fronts to

intermediates ahead Thu's ADP private and Fri's non-farm employment data.

- The 2-Yr yield is down 1.8bps at 1.4339%, 5-Yr is down 1bps at 1.3198%, 10-Yr

is up 1.2bps at 1.469%, and 30-Yr is up 2.1bps at 1.9739%.