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Early bear steepening has reversed with.....>

US TSYS
US TSYS: Early bear steepening has reversed with stocks taking a tumble starting
around the U.S. equity cash open, Treasuries strengthening. No particular
trigger seen (some noted 0933ET headline in SCMP "China vows to hit back at US
over any action on Hong Kong national security law" but this merely repeated
comments from the overnight session), Germany Merkel comments that tough EU
negotiations lie ahead were no real surprise either. So for now, attributing to
equity profit-taking. 
- Meanwhile, 5-Yrs doing fine ahead of today's $45bln auction. The 2-Yr yield is
down 0.8bps at 0.1642%, 5-Yr is down 1.9bps at 0.3286%, 10-Yr is down 2.1bps at
0.6753%, and 30-Yr is down 1.1bps at 1.4333%.

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