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Generally quiet trade at start of......>

US TSY FLOWS
US TSY FLOWS: Generally quiet trade at start of two day FOMC policy annc (CB
policy focus Wed includes FOMC, BOC and BOJ), many near sidelines ahead an
expected 25bp (hawkish) cut from the FOMC, with others more focused on Fri's NFP
(+85k est). 
- Headline risks continue to wag mkt: Tsys gained on back of US/China headline
calling into question chance of Phase I signing at APEC Chile conf Equities
pared, move just as quickly both retrace half the move while WH officials said
US/China officials "working to finalize" Phase I text.
- Two-way flow, position squaring ahead policy Wed, unexpectedly heavy
high-grade corporate issuance >$15B spurred hedges in 3s-30s, 30s/ultra bond
steepener Block, TYZ block buy late.
- The 2-Yr yield is down 0.2bps at 1.6415%, 5-Yr is down 0.2bps at 1.6602%,
10-Yr is down 0.5bps at 1.8367%, and 30-Yr is up 0bps at 2.334%.

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