Tsys well bid across the curve, off....>

US TSY FLOWS: Tsys well bid across the curve, off mid-morning highs, yld curves

mixed all session. Big leap forward in roll efforts, volume HEAVY: FVZ/FVH appr

1,362,600 from -10.75 to -10.25, -10.75 last; 80% complete; TYZ/TYH appr

1,469,500 from -2.25 to -1.5, -2.25 last; 88% complete.

- Fed Gov Brainard: Partial To Yield Caps, Flexible PCE Goal. Brainard prefers

"a more flexible approach that would anchor inflation expectations at 2 percent

by achieving inflation outcomes that average 2 percent over time or over the

cycle."

- China issued $6B USD denominated debt: $1.5B 3Y +35, $2B 5Y +40, $2B 10Y +50,

$500M 20Y +70

- US Tsy $41B 5Y Note (912828YV6) right on the screws: awarded 1.587% rate vs.

1.587% WI (previous $41B 5Y awarded 1.570%); 2.50 bid/cover vs. 2.41 prior.

- The 2-Yr yield is down 2.8bps at 1.5859%, 5-Yr is down 1.7bps at 1.5943%,

10-Yr is down 1.9bps at 1.7363%, and 30-Yr is down 2.8bps at 2.1734%.