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As expected, generally quiet........>

US TSYS SUMMARY
US TSYS SUMMARY: As expected, generally quiet trade, two-way positioning flow,
better selling on light volume ahead Independence Day holiday (noon pit close
Tuesday, full mkt close Wednesday). Rates unwound early risk-off support,
gradually extended session lows following Jun ISM purchasing mngrs index (60.2),
May const spending (+.4% exp). Rates off lows post Pres Trump comments re: trade
- US$ index rebounds from Fri's weakness (DXY +0.583 to 95.053; US$/Yen +.11
110.87); equities weaker/off lows (emini -5.5, 2716.0); gold weaker (XAU -11.44,
1241.72); West Texas crude softre after tapping highest lvls since late 2014 Fri
(WTI -.26, 73.89).
- Limited second half futures volume (TYU<955k), most accts squared/pared and
plying sidelines ahead haeavy data and event risk upon mkt return: private ADP
employ and FOMC min's release Thu, NFP emply and China tariff deadline Fri.
- No corp supply hedging, some bill hedging, decent option volume on mostly
small delta trades, put buying/rate hike insurance for Red Mar'20. Tsy
cash/ylds: 2Y 99-28.75 (2.549%), 5Y 99-13 (2.751%), 10Y 100-02 (2.866%), 30Y
102-20 (2.991%).

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