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*** Futures continue to grind higher...>

US TSY FLOWS
US TSY FLOWS: *** Futures continue to grind higher here, likely to extend past
early London highs if equities continue to crater(emini's -98.0). Recent flow
includes fast- and real$ buying intermediates, bank portfolio buying 30s,
steepeners in 2s and 5s vs. 10s. Negative convexity crowd eying 1.650% 30YY as
next trigger to buy, currently 1.678%.

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