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FTN Financial's Jim Vogel said that "in.....>

US TSYS
US TSYS: FTN Financial's Jim Vogel said that "in the absence of any helpful
leaks about the progress of tax legislation, the bond market has downshifted to
holiday mode. Congressional coverage is speculative rather than informative, but
investors remain confident the lull simply masks behind-scenes activity, not
stagnation. Yesterday's Treasury auctions saw a holiday drop in participation
more in keeping with the middle of next week than what would be expected in one
of the biggest weeks of 2017."
- He adds that "values haven't been distorted yet by the lack of liquidity, but
a rapid- fire burst of news from the Fed, Congress, the ECB and Q4 economic news
will force traders to be reactive rather than reflective."

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