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FTN's Jim Vogel added that Tsys........>

US TSY FLOWS
US TSY FLOWS: FTN's Jim Vogel added that Tsys trading "flows picked up today,
but noticeable only in the context of a holiday period. Domestic accounts
started off content to pick up some reasonable, but not cheap yld at the 5-yr
auction only to be startled by a quick reversal of last wk's sell-off in EU
bonds."
- He added that the "10-yr German ylds have retraced 40% of the 12bp jump, down
more than 4bp since last Friday. 10-yr UK ylds now w/in 1bp of last wk's lows.
UK ylds have more fundamental reasons to be volatile this month, and they've
forced other mkts to follow their lead on slower trading days. Like, today."

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