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Kicking off with risk-off tone,........>

US TSY FLOWS
US TSY FLOWS: Kicking off with risk-off tone, aside from ongoing US/China trade
tension, knock-on effect from Hong Kong protests, Argentina and Italian
geopolitical concerns adding to bid in rates. Yld curves mostly flatter, 3M10Y
extends inversion but still off last Wed's 12Y lows; equities weaker, ESU9 near
lows 2893.0.
- No relevant data until CPI on Tuesday.
- Modest overnight volume trade given Japan and Singapore out for one day
holiday. Overnight flow included fast$ buying 2s, 5s, real$ bought 10s, two-way
out the curve, light swap-tied selling in 5s, 2s5s10s payer fly.
- The 2-Yr yield is down 5.1bps at 1.5958%, 5-Yr is down 5.6bps at 1.5237%,
10-Yr is down 5.5bps at 1.6898%, and 30-Yr is down 5.5bps at 2.2036%.

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