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

US TSY FLOWS: Tsys trade weaker after the bell, long end still outperforming,

curves off flatter levels. Rates continued to trade weak after the bell,

apparently more of a risk-on/allocation type move as SPX remained strong

(+50.0).

- Long end pared gains after $19B 30Y auction (912810SE9) awarded 3.418% rate

(3.344% previous) tailed vs. 3.395% WI; 2.06 bid/cover (2.42 previous). Curves

pared flattening move briefly but resume move in minutes after auction. US$

index pared losses in second half; equities grind higher.

- Decent to heavy volume (TYZ>2.0M) largely occurred by the NY open, second half

trade rather muted as accts alternately ply sidelines, digest Midterm election

results of split Congress, Thu's FOMC policy annc (no rate change expected),

Fri's Final Demand PPI for October (0.2% est) lone highlight data point.

- Mixed flow on net from usual cast of characters: fast$, props in fronts to

intermediates, real$ and banks better buyers out the curve,

flatteners/steepener. Tsy cash/ylds: 2Y 99-27.25 (2.948%), 5Y 99-03.75 (3.066%),

10Y 97-06 (3.219%), 30Y 91-31 (3.432%).