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Carry-over risk-off/safe haven......>

US TSYS SUMMARY
US TSYS SUMMARY: Carry-over risk-off/safe haven bid for Tsys Mon, ongoing trade
angst after U.S. Pres Trump tweeted threat of "more than Reciprocity" Sunday
against countries w/trade barriers/tariffs against US. Early gains also
coincided w/drop in US$/Yen as did heavy selling in equities.
- Choppy day for US$ index (DXY -.297 to 94.223 last vs. 94.698H; US$/Yen -0.53
to 109.44 vs. 110.04H); equities sharply lower (emini -54.5, 2704.75, 2700.25L);
gold weaker (XAU -1.41, 1268.01); West Texas crude little weaker after blowing
past 50DMA Fri (WTI -0.53, 68.05).
- Moderate volume, thin mkts exacerbated moves w/implied vol surging (VIX +5.34,
19.61H). Decent option-tied buying in Tsy futures, two-way positioning ahead
Fri's PCE. Swap spds tighter, better front end receiving first half, spds pared
move into midday amid pre-auction short setting ahead Tue' $34.000B 2Y auction
(JUL 02) settle. Early futures block: +11,250 FVU 113-14.75, buy through -14.25
post time offer vs. -10,000 TNU (10Y-ultra), 127-25.5. 
- Tsy cash/ylds: 2Y 99-30.25 (2.525%), 5Y 100-01 (2.741%), 10Y 100-00 (2.873%),
30Y 101-31 (3.024%).

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