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*** US$ wagging Tsy yields..........>

US TSYS SUMMARY
US TSYS SUMMARY: *** US$ wagging Tsy yields Tuesday, weaker dollar adding to
curve flattening rally in the first half, rebound in dollar pared Tsy gains back
to opening lvls heading into midday.
- Burgeoning curve flattening as long end marched higher midmorning (2s10s
57.852, -3.343; 5s30s 65.606, -3.4087), comes at a time of thin market depth
ahead Thanksgiving holiday closures. Flow includes two-way fx-tied trade on US$
swings, real$ buying 5s and selling 10s, fast$ buying 30s while other fast$
accts actually taking a stab at fading the bull flattener to enter into
steepeners in 2s5s and 7s10s, pension buying in long end.
- Dec/Mar roll volume artificially inflating session's trade volume, TYZ>1.2M,
FVZ>1.0M, TUZ>420K.
- Pre-auction ($13B 2Y FRN R/O) and deal-tied flow in the mix as is option
related hedging as Dec Tsy options expire on Fri's shortened post-holiday
session, accts hurrying to square-up/roll ahead Thursday Thanksgiving closure.
- Re: curve flattening: at this pace, the 2s10s curve will invert sometime in
January 2018, Bank of America said.
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