US TSYS SUMMARY: Quiet start to FOMC week, modest chop/inside range day with long end support evaporating late. Quiet lead up to two-day FOMC meeting w/1-, 3- and 6M bill auctions and limited second tier data. - Tsys opened, near late overnight lows, trailing weaker Bund timing around bounce in US$ vs. Yen. Risk-off in first half, Tsys rebounded by midmorning, extending top end of range into midday as equities fell sharply as FANG shares tumbled (Facebook, Amazon, Netflix, and Google) large part in emini's underperformance today, index -52.75 at 2703.25. - Tsys climbed to session highs after large Blocks, both through offers: 28,071 TYM 120-13, through -12 offer; 7,941 WNM 157-13, through -09 offer at post time - Swap spds tighter by the close, session lows w/short end leading move. Decent two-way in 2s from 2.592% to 2.605% in second half w/receiver unwinds, profit taking, receiver in 3s at 2.70395%, $110M 2s5s flattener. Ongoing 2s3s10s fly on good size (>$400M), paying the belly. Pick-up in swappable supply also weighing on spds. - Late ylds: 2Y 2.303%, 3Y 2.449%, 5Y 2.645%, 7Y 2.780%, 10Y 2.850%, 30Y 3.088%