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Eye On Supply, FOMC

US TSYS

Trading volumes have picked up the pace early Tuesday, with 263k TYU0 traded
as of 0630ET, and Tsys bouncing off early lows.

- Sep 10-Yr futures (TY) are steady at at 139-15 (L: 139-08 / H: 139-15). Modest
moves in the curve: The 2-Yr yield is down 0.5bps at 0.1465%, 5-Yr is down
0.4bps at 0.2815%, 10-Yr is down 0.8bps at 0.6069%, and 30-Yr is down
0.8bps at 1.2519%.

- This has come against a backdrop of a downside reversal in global stocks, with
no particular catalyst seen, and a bit of respite for the USD after recent
weakness.

- And of course comes as the 2-day July FOMC meeting gets underway. We
published our full preview yesterday, get in touch if you haven't seen it.

- Supply in focus this afternoon: we get $60bln in 42-/120-day bills at 1130ET,
with auctions of $24bln of 2Y FRN and $44bln of 7Y note at 1300ET.

- Conference Board Cons Confidence for July out at 1000ET; at same time we get

Richmond Fed Manufacturing Index for July.

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