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US TSY/RECAP: Tsys traded weaker at the close on Wednesday, as T-Notes closed
just above their Asia-Pacific session lows, with curve flattening apparent on
the day. Rates continued to trade weak after the bell, apparently more of a
risk-on/allocation type move as SPX remained strong.
- A sloppy 30-Year auction added further weight, tailing by over 2.0bp, as the
recent trend of collapsing direct bidders in Tsy auctions continued (falling
below 3%), dealer participation jumped, and indirect participation moderated.
The cover ratio eased to 2.06x from 2.42x.
- TYZ8 17,166 blocked at 117.280, registered at 21:00:29 GMT, 16:00:29 NY,
looked like a seller, helped contract to move lower late on.
- Volume tapered off in the second half of the NY session, after a busy start
owing to the Midterms. Mixed flow on net from usual cast of characters: fast$,
props in fronts to intermediates, real$ and banks better buyers out the curve.
- Longer dated Eurodollar contracts outperformed on the day.
- Focus now moves to the FOMC MonPol decision due Thursday.
- T-Notes closed at 117.31+, U.S. 10-Year cash Tsy yields closed at 3.235%.