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BMO's Ian Lyngen noted on early....>

US TSYS/RESEARCH
US TSYS/RESEARCH: BMO's Ian Lyngen noted on early post-jobs Tsys mkt reaction
that, the cash 10-year note's initial 2-bps rise after jobs was "a classic
episode of bullish price action off 'bond bearish' news." He said it will be
important to see if the 10Y yield can hold the 2.25% level; it is at 2.266% now
intraday but market still choppy.
- He adds that "while this is constructive for the market in the near-term,
we're certainly cognizant that this doesn't change the Fed story into the second
half of the year."

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