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Another relatively quiet inside........>

US TSY FLOWS
US TSY FLOWS: Another relatively quiet inside range day w/ Tsys drifting near
low end of range on moderate volume (TYM<1.17k). Early risk on as Tsys tracked
Bund and China note yields. Equities firmer but off first half highs (SPX +3.75
at 2913.25).
- Two-way positioning ahead large data drop on Thu's shortened session, better
sellers partially deal-tied on unexpected corp supply near $13B on day,
carry-over front end steepeners, mixed conditional curve plays in Eurodollar
options, better call buyers on net.
- On tap for Wednesday: February trade balance, wholesale inventories and sales;
Fed Beige Book for upcoming FOMC. Fed Blackout kicks off April 20 through May 2.
- The 2-Yr yield is up 1.9bps at 2.4103%, 5-Yr is up 3.2bps at 2.4042%, 10-Yr is
up 3.6bps at 2.5904%, and 30-Yr is up 2.5bps at 2.9927%.

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