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Early rate rally, thin participation...>

US TSY FLOWS
US TSY FLOWS: Early rate rally, thin participation compounding mkt react to
worse than expected retail sales (as well as ex-auto and gas numbers), early
volumes limited on thin participation (less than 25k TYM traded in the 10
minutes after data release). 
- Trade tensions between US/China lent to early risk-off bid while "U.S.
Commerce Moves to Block Huawei From Global Chip Suppliers" Bbg.
- Big reversal and spike in volume after by midmorning: Tsys sold off on
headlines that Sorrento Therpeutics claimed to have discovered the antibody that
kills COVID. Sounds too good to be true as Sorrento claims 100% effective
therapeutic that can also be used in lieu of vaccine as a preventive measure.
Equities did rebound off lows at time, some tight stops in Tsys triggered on the
move.
- Some late risk-off unwinds perhaps California virus cases +2.4% to 74,936.
- NY Fed lowers daily avg Tsy sec buys to $6B next wk from $7B this wk
- The 2-Yr yield is up 0.2bps at 0.1491%, 5-Yr is up 0.5bps at 0.3098%, 10-Yr is
up 1.9bps at 0.6412%, and 30-Yr is up 2.7bps at 1.3177%.

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