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BMO's Ian Lyngen said today's......>

US TSYS/RESEARCH
US TSYS/RESEARCH: BMO's Ian Lyngen said today's ADP private payrolls report
"came in at +237k Aug vs. +201k Jul and +185k consensus. This stronger print has
weighed on the Treasury market with the belly of the curve underperforming,
although it's worth noting that the 2.15% level in 10s appears to be holding.
We'd be buyers between 2.178% (Monday's open) and 2.206% (21-day moving-average)
for a move back to the low yield mark of 2.086%."
- He added that "For context, ADP has shifted from routinely overestimating
private-NFP, to underestimating growth - having now done so in three of the last
four reports by an average of 24k. This implies an impressive +261k print on
Friday. From here, we have" later today "Trump's tax reform speech", he said.
(MNI believes the speech is expected around 3:30pm ET in the Midwest).

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