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Tsys trading modestly higher, upper....>

US TSY FLOWS
US TSY FLOWS: Tsys trading modestly higher, upper half narrow range on decent
volume (TYZ>390k), curves mildly flatter w/long end gaining last few minutes.
Generally quiet ahead Tuesday's midterm election, FOMC policy annc Thursday (Fed
blackout through midnight Fri), PPI Fri (0.2% est). Markets still exceptionally
sensitive/reactive to US/China trade headlines, Brexit, etc.
- Tsy supply kicks off w/$45B 13W bill auction (912796QW2) and 39B 26W bill
auctions (912796RP6) at 1130ET, $37B 3Y note auction (9128285LO) follows at
1300ET.
- Flow included real$ buying 3s-5s earlier, bid in 3s tempered by pre-auction
short setting, prop/fast$ two-way in 5s-10s, misc two-way in 10s and 30s.
- Front quarterly Eurodollar futures (EDZ8) blipped to 97.25 (+0.025) on light
volume post 3M LIBOR set (-0.0031 to 2.5892%, +0.0720 last wk), quickly pared
move to 97.24. Swap spds mildly tighter, 3M FRA/OIS -1.25 to 36.15, earlier
payers in 3s, receivers 2s post LIBOR.
- Tsy cash/ylds: 2Y 99-30.25 (2.899%), 5Y 99-09.75 (3.025%), 10Y 97-08 (3.203%),
30Y 91-21.5 (3.449%).

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