And Wells Fargo's Boris Rjavinski.....>

US TSYS/BILLS: And Wells Fargo's Boris Rjavinski and Mike Schumacher noted that

US "debt ceiling related stress clearly shows in the money market sector. We

expect a timely increase in debt ceiling, but still recommend avoiding T-bills

and coupon Notes with October maturities. Extend into 6-9 month sector for

attractive yield pick-up and rolldown." 

- They advised to "take gains and raise liquidity in the front-end by monetizing

fully-valued off-the-runs and switching into currents. The 3y sector looks

attractive for yield pick-up/duration extension based on a wide cushion to OIS."

- The Wells strategists noted that "the 4y (Treasury) buckets retails some

relative value in the intermediate sector despite overall richening.

Asset-swapping 2022-2023 Treasuries remains attractive."