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FTN's Jim Vogel noted that "FTN's...........>

US TSYS
US TSYS: FTN's Jim Vogel noted that "FTN's analysis shows 10-yr and 30-yr bonds
are 5-7bp higher than they should be based on the other indicators that usually
accompany inflation risk. Those other indicators are late to arrive if they're
coming at all."
- He adds that "one risk for the bond market this week" would be if Fed Chr
Yellen "brings small changes in direction for this year while insisting 2017's
core monetary policy messages remain intact. Investors would be left with
still-modest yields and another 3-5 months of waiting while the Fed reworks its
rate hike calendar."

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