Latest block trades lodged at 07:55:56 London/02:55:56 NY:

• TUU4 8.2K lots blocked at 101-28.375, looks like a buyer.
• UXYU4 3.6K lots blocked at 112-17+, conducted at the prevailing offer at the time of the block, but would guess a seller given price action on the 2s10s curve since.
• Would suggest it was a TU/UXY steepener, DV01 ~$320K.
• This comes with the 2-/10-Year yield spread trading towards closer to the lower boundary of the year-to-date range than the upper end, with the position looking for some disinversion of that curve.

Fig. 1: U.S. 2-/10-Year Tsy Curve (bp)

Source: MNI - Market News/Bloomberg