Tsys went out at/near session lows on.......>

US TSYS: Tsys went out at/near session lows on Wednesday, extending on their

post-FOMC Sep MonPol meeting mins lows, as the curve edged steeper on the day.

T-Notes continued to edge lower in early Asia-Pacific dealing, before

stabilising as the majority of the regional equity market, as well as U.S. index

futures, ticked lower post-Fed.

- Minutes highlights: many project above-neutral rates, need for temporary

restrictive policy, the removal of 'accommodative' is not a signal of policy

change while tariffs & trade uncertainty pose downside risks. Preference for

gradual hikes remained.

- The latest semi-annual U.S. Tsy FX report failed to name China as FX

manipulator, although it produced elongated communication surrounding the

yuan/China... perhaps a final warning?

- Fed's Bullard & Quarles will speak on Thursday, with 30-Year TIPS supply also

due.

- T-Notes last 117.27+, U.S. 10-Year cash Tsy yields last at 3.203%.