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Broad based risk-off theme kicks off...>

US TSY FLOWS
US TSY FLOWS: Broad based risk-off theme kicks off new year, Tsys well bid and
near highs w/equitys weaker but off lows, yld curves sharply flatter after
making decent gains last few sessions (2s10s -3.374, 15.859). 
- US$ index bid (DXY +.413 at 96.499), US$/Yen broke 109.0 to 108.71 low (late
May'18 lvls); sovereign spds wider vs. Bunds. VIX rebounding (+2.22, 27.64)
after getting hammered late last few sessions (topped 36.0 last Wed). 
- Decent futures volume (even w/Japan out on holiday most of week), TYH>400k so
far. Slow day for data ahead flood of data next two days, Dec employ figures Fri
(+180k est; AHE 0.3%). Fed speak Friday as well w/Fed chair Powell and former
chairs Yellen and Bernanke on mon-pol at Atl media event. Good headline watching
day before Democrats take control of House.
- Decent overnight trade includes real$ selling short end Tsys, fast- and real$
buying intermediates, bank portfolio and levered' buying lonf end. Decent buying
short end Eurodollar futures, rate receiving 2-5s, fast$ payers out the curve.
- Tsy cash/ylds: 2Y 100-00.5 (2.490%), 5Y 100-20.25 (2.488%), 10Y 104-02.5
(2.650%), 30Y 107-22 (2.983%)

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