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Geopol risks back on the front.........>

US TSY FLOWS
US TSY FLOWS: Geopol risks back on the front burner, EGBs and Tsys trading
higher, concerted safe haven bid for risk-off assets following N Korea missile
launch that flew over northern Japan. Equities lower (emini -13.0, 2430.75),
gold adding to Mon's rally (+12.67, 1321.02), crude near steady (WTI +0.03,
42.60). Ongoing heavy Sep/Dec roll volume.
- Asia, Japan asked for emergency UN meeting following N Korean launch, China
urging restraint. Immediate Tsy risk-off bid, fast- and real$ bought 5s and 10s,
bank and insurance portfolio buying 30s, buy-stops reportedly triggered, FX acct
buying as USD weakened vs. Yen.
- London, continued risk-off rally, Tsys off early London highs at moment amid
some profit taking by fast$, props in 10s and 30s, bank portfolio selling in 5s
and 10s. 
- Swaps, spd curve continues to steepen, steady drip of front end receiving
w/multiple $100M receiver trading in 5s, bank rate receiving 10s, macro
receiving in back end.
- Eurodollars, higher/off highs, good volume Whites-Reds, Dec'18 leads w/170k.

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