Tsys were weaker at the equity.........>

US TSY/RECAP: Tsys were weaker at the equity closing bell, before turning bid

post Amazon & Alphabet earnings.

- Until then T-Notes stuck to a tight range, on solid volume, holding lower on

the cash equity rally.

- T-Notes have edged higher in early Asia-Pacific trading, marginally extending

on the late move.

- There was no notable reaction to the latest ECB MonPol decision, which threw

up little/no surprises, while U.S. data also had little impact on the space.

- Fed's Clarida pointed to the need for more gradual hikes from the central

bank.

- The latest 7-Year auction tailed by 0.5bp, with direct participation notably

lower (reflecting the pattern observed in the 2- & 5-Year auctions earlier this

week). The cover ratio eased, with dealer participation moving higher.

- Flow included decent sized flatteners in the early part of the U.S. session,

as well as 2-way real money dealing in 10s & 30s.

- T-Notes last 118.23, U.S. 10-Year cash Tsy yields closed at 3.117%.