US Treasuries open NY Wed lower,....>

US TSYS SUMMARY: US Treasuries open NY Wed lower, steeper amid US tax reform

chatter (Pres. Trump to unveil details in Indiana speech today including 20%

corp. tax rate), and on Tues Fed Chr Yellen Dec rate hike hint, firmer US

dollar, weaker German Bunds. Tsy futures had heavy volume, TYZ 10Y recently

around 731,562 volume. 

- TOKYO: Tsys declined amid firmer US$/weaker yen as Jpn PM Abe called for snap

election, plus Yellen/Dec hike concern. Moderate selling started and gained fuel

on tax reform; Tsys saw asset managers and real$ sold 10Y and esp. heavily sold

5Y notes ahead of 5Y auction. 

- LONDON: Tsys futures hit hard early amid many sales clips, sell-stops hit too.

Fast$, real$ and foreign central banks and US banks sold Tsys while end-users

did dip buying. Dip buying too in 5y, 10Y, 30Y; hedge funds bought 5Y notes.

Foreign central banks specifically either sold Tsys front end or else 5Y notes.

Technical selling too. 

- Eurodlr futures lower/near lows; talk heavy o/night buying Eurodlr calendars.

Eurodlr options 7:56am ET block of 15,000 short Dec 80 puts, 3.0.