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FTN's Jim Vogel said the cash "10-yr........>

US TSYS
US TSYS: FTN's Jim Vogel said the cash "10-yr refuses to trade below 2.32%"
yield. "Above 2.35%, two-way volume almost evaporates," he added. "This does not
feel like a stable condition, and there is plenty of room on both sides of that
miniscule range to open 2.24%-2.42% as a broader, more comfortable band. Yet,
investors do not appear ready to exhaust the 2.32-2.35% zone just yet. It
attracts fresh trading every day. On its own, the bond market is effectively in
neutral - waiting for outside events as a catalyst."

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