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Analysts at Morgan Stanley.........>

US TSYS/RESEARCH
US TSYS/RESEARCH: Analysts at Morgan Stanley "remain neutral on duration" in US
Treasuries "as the market swings on prospects for tax reform and the next Fed
chair. The Treasury market continues to trade with some optimism regarding tax
reform, but we remain skeptical of passage this year. Given short positioning in
the market, we stay neutral on duration."

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