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FTN Financial Jim Vogel's take on.....>

US DATA REACT
US DATA REACT: FTN Financial Jim Vogel's take on Tsys refunding annc,
"friendlier than some have feared but still enough to remind everyone Treasury
is likely to revisit with more increases once it sees acceptance of increased
bills, FRNs, and changes so far." Increases should have little effect on long
end, Vogel noted as "Treasury funding questions now shift from how debt managers
deal with the reduction of Fed reinvestment to increases in the deficit."

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