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*** Tsys trading weaker, off low....>

US TSYS SUMMARY
US TSYS SUMMARY: *** Tsys trading weaker, off low end modest overnight range on
decent futures volume (TYH>340k), 10Y yld 2.6395% (+0.225), curves mixed/flatter
w/2s and 5s vs. 30s adding to Thu's move. 
- Focus on GDP (3.0% exp), and potential market moving comments from Davos
eco-fin summit. Equities firmer (emini +7.25, 2848.50), gold firmer (XAU +3.40,
1351.41), oil near steady (WTI +.05, 65.56), USD weaker even after late Thu'
bounce on Trump comments/wants strong US$ (DXY currently -.412, 88.979).
- Asia, Tsys opened steady/mildly mixed, quiet/held narrow range on modest 2-way
flow through the London crossover, Asia bank buying 10s, others sidelined ahead
GDP, speaker event risk from Davos.
- London, opened steady/mildly lower, trailed lower EGBs following hawkish ECB
Coeure comments from Davos summit ("forward guidance will have to evolve, we are
in talks"). Tsy curves mirroring EGB flattening. Large Block sale -15.3k TUH
106-22.5, 5s30s flatteners.
- Swaps, spds mixed, spd curve steeper after long end gap tighter late Thu
- Eurodollar futures, lower, 3M LIBOR +0.0066 to 1.7669% (+0.0224/wk).

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