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Carry-over risk-on tone lost........>

US TSYS SUMMARY
US TSYS SUMMARY: Carry-over risk-on tone lost steam in the second half, Tsys
trimmed losses as equities struggled to stay in the black following a two-day
rout (global stocks reportedly lost $2.2T on Thu's decline alone?!?).
- SPX mildly higher by the FI closing bell, Tsys lower but well off first-half
lows, while VIX vol index receded -- still appr 8.0 pts higher for the week.
- Pretty muted end to week, current futures volume decent, but largely occurred
overnight into early NY hours. 
- Modest dealer customer flow, still wary of taking on added risk ahead weekend,
carry-over selling in 5s, 10s and 30s w/prop and fast$ sellers 5s-10s from O/N
into first half. Fast$ and prop acct buying more recently, light curve flow
two-way, swap-tied flow light and two-way with rate paying in shorts to
intermediates, some deal-tied ahead expected pick-up in issuance next week.
- Tsy cash/ylds: 2Y 99-26.5 (2.836%), 5Y 99-14.5 (2.993%), 10Y 97-24 (3.141%),
30Y 93-31.5 (3.318%).

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