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Choppy early trade, rates still well...>

US TSY FLOWS
US TSY FLOWS: Choppy early trade, rates still well bid but off late overnight
highs w/equities rebounding to plus side apparently in react to latest US/China
headlines (China hopes US will meet half way, but US Navarro stated can't meet
halfway on Wed, see 0746ET bullet).
- Still a strong bid for rates (familiar drivers: US/China saber rattling over
trade, recession concerns, geo-pol risks) on robust volume (TYU>850k), 30YY
still sub-2% after making new all-time low of 1.9391% recently. Yld curves
mostly flatter w/2Y10Y just off inversion after collapsing to new 12+ year lows
yesterday.
- Aside from familiar risk factors, markets will see flood of economic data
today, including wkly claims, retail sales, IP, CapU.
- Overnight flow includes better buying across the curve after two-way from
fast- abd real$ in early Asia hours, swap-tied buying intermediates and selling
in long end. Prop and real$ sold recent highs.
- The 2-Yr yield is down 4.9bps at 1.5281%, 5-Yr is down 3.8bps at 1.4516%,
10-Yr is down 3.9bps at 1.5404%, and 30-Yr is down 4.8bps at 1.9703%.

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