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Tsys trading weaker, near recent....>

US TSYS SUMMARY
US TSYS SUMMARY: Tsys trading weaker, near recent lows, following softer Gilts
again after strong UK labour market data. Otherwise quiet, light volume
(TYM<190k) ahead FOMC rate annc later, 0.25bp hike expected, focus on SEP/dot
plot Fed chair Powell presser. 
- US$ index giving back some of Tue's gains (DXY -.233, 90.138); equities steady
(emini +0.00, 2723.5); gold firmer (XAU +4.37, 1315.67); West Texas crude adding
to Tue's rally (WTI +.67, 64.21 -- early Feb levels).
- Asia, steady to mildly higher open vs. Tue's sets'. Light volume w/Tokyo out
on holiday, Tsys inched off lows on narrow range into London crossover, light
bank portfolio buying in 2s, fast$ buying 5s.
- London, light two-way flow on net, position squaring ahead FOMC, fast$ selling
5s post UK data; steepeners in 2s5s and 5s30s
- Swaps, spds running wider, short end leading move amid reports of better
paying in 2s, small switch in 3s and 7s.
- Eurodollar futures, weaker across the strip, just off late overnight lows,
still anticipating another lower 3M LIBOR set.

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