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After a weaker start, rates trade......>

US TSY FLOWS
US TSY FLOWS: After a weaker start, rates trade firmer to steady in long end by
the bell, off midday highs. Tsy yld curves got a late boost as long end rate
support evaporated. Equities weaker/off lows (SPX -23.5 2640.0 vs. 2622.25L);
US$ index reversed early gains (DXY -.047, 95.747).
- Quiet start to a busy week -- even if the US Govt hadn't reopened last Friday.
Little data Mon/Tue, but a lot of Tsy supply ahead Wed. FOMC annc (no rate
change expected, "patient" statement). 
- Private ADP employ data Wed, Jan NFP Fri likely moderating (+177k est) after
Dec' blowout jobs gain (+312k), mfg ISM, auto sales for NA and China/U.S. trade
talks are highlights for wk ahead.
- Modest 2-way curve flow by fast$ in 2s vs. 5s and 10s, prop and real$ buying
10s into midday, decent deal-tied hedging, Tsy auction unwinds as well. Trading
desks squaring up ahead FOMC annc Wed, not because of policy uncertainty but due
to concern of "Siberian Express" deep-freeze expected to grip midwest. Tsy
cash/ylds: 2Y 99-26.5 (2.588%), 5Y 100-06.5 (2.579%), 10Y 103-08.5 (2.740%), 30Y
106-03 (3.060%).

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