11:33 am - Cash: the $15B 19-day cash management bills see 0.080% with a 5.38 cover and 14% indirect bidder participation rate
11:32 am - Mixed Business: The dollar has been backing off the best levels in over a month with the index 76.02 form near 76.30 but has been staging a bit of recovery after dipping to 75.94 as calls from ratings agencies (really?) on sovereign debt continue to spook the market. Traders stress that much of the buck's recent rally was the product of short coverage and the market remains "still very short the dollar overall" implying that even some safety buying is running on "illusion." The euro has been held near the 1.47 handle, but is generally under pressure as, as BMO's Andy Busch notes the "new theme of "Negative Europe" is emerging as we enter the end of 2009," as trouble in the region drag on the regional currency. The yen had been riding a tight range on the buck with a better bias, but has stalled near 87.80 while clawing back on the euro after a sell-off through the majority of the morning. The pound got hit across the board as the government vowed to issue more debt and continue to cheapen value. Gold has been regaining some shine as the recent sell-off brought in some relative bargain hunters and the buck slid some with spot 1142.18 (+13.78). Crude had been under drilled lower into the inventory report, regaining ground once the numbers had passed now flat at 72.62.
11:08 am - Issues: Hess Corp selling $750M 30-yrs
Societe General selling minimum 500M euro 2-yr floaters (est Euribor +30 - 33) - Reuters
10:15 am - Trying: The market is clawing back but remains under pressure, mixed across the curve with the bias back on the buy side. The run has been getting added fuel as stocks tank, while the dollar works its way back. The curve has been unwound flatter in a steep manner with the 2-10-yr yield spread running 265.7. The market twitched a little over the Fed's latest tri-party reverse repo operation and there will be little attention paid to the $15B 19-day cash management bills hitting later (11:30). The curve was held in a generally flatter pose but the 2-10-yr yield spread is trying to edge back steeper with the 2-10-yr yield spread 265.6.
10:07 am - Agencies: Fannie sells $2B 3-mos at 0.060% and $2B 6-mos at 0.168% - Reuters
10:00 am - Fed-Up: The Fed pulled another 3-way reverse repo opreation, taking $225M at 0.13% in the test run
08:51 am - Falling: Treasuries are offered ahead of the day's
10-yr auction, with the offering looming there is little else to guide trade. The market will be watching stocks and cooling its heels awaiting the auction, which is expected to go well, and will lean on the lower end. The better mortgage applications weighs while corrective trade off of Tuesday's rally drags. Global bonds were generally lower with stocks aiming higher while Japan sees a bond bounce as growth hits a rut. The curve has been backing off a steeper track with the
2-10-yr yield spread 267.3. The dollar has been storming back with the index back over 76, getting a bounce off of the 75.90 level. The euro has been clawing back on the buck from the 1.4725 area after its overdramatic drop on Greece issues yesterday, also seeing some recovery on the yen but holding under 130 each. The yen has been giving back some ground with stocks trying to make a pull back sucking safety bids out of play. The day has only
wholesale inventories (10) while Fed gov Duke is speaking off topic. Trade will focus on the auction of
$21B reopened 10-yrs.(13)
06:02 am - Treasuries are off their best levels while equities are looking at a higher open. The euro and sterling rose vs the dollar. Sterling was lower vs the dollar and has since recovered. A pre-budget UK report is due later. The yen was stronger following a downward revised GDP figure in Japan. Wholesale Inventories are due at 10:00; consensus calls for a decline of 0.5% vs prior -0.9%. $21 bln in 10-yr Notes will be auctioned.
The 2-10-yr yield spread was trading near 267.
sapete mica se i titoli tossici in default hanno sempre il AAA ? 
e poi hanno corretto , era quello di ubi banca
