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Choppy trade belies the rather.........>

US TSY FLOWS
US TSY FLOWS: Choppy trade belies the rather modest volumes Monday (TYU<890 by
the bell), accts plying the sidelines ahead of Wed's FOMC policy annc missed the
bounce in Tsys after a weaker open, yld curves scaling back a fraction of last
week's steepening with the long end outperforming (even as equities continue to
climb, ESM0 +36.0 late).
- On the flipside, after a firmer open, short end Eurodollar futures traded
weaker by the bell, EDU0 -1.25 at 99.675; decent selling in July and Sep FF
futures also report
- Small stop, US Tsy $44B 3Y Note auction (912828ZU7) awarded 0.280% vs. 0.282%
WI, on a bid/cover 2.55 vs. 2.54 previous. Meanwhile, just over $12B in
high-grade corporate debt was issued.
- No discernable react to the Fed late announcement they will expand Main St
loan limits, lowering minimum loans to $250, from $500K.
- The 2-Yr yield is up 1.6bps at 0.2222%, 5-Yr is down 2.1bps at 0.4423%, 10-Yr
is down 2.5bps at 0.8702%, and 30-Yr is down 2.9bps at 1.6368%. 

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