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Last Friday's risk-off trade has....>

US TSYS SUMMARY
US TSYS SUMMARY: Last Friday's risk-off trade has u-turned on Monday. As such,
the S&P mini future is pointing to a 1% gain at the opening of trading later and
the yield curve has slowly and surely accumulated a parallel 3bp gain in yield
from 2Y-30Y area.
- The WSJ is reporting that China and US are quietly negotiating better access
to Chinese markets and Mnuchin (straying out of Tsy Sec territory) says he's
hopeful of reaching an agreement on trade with China. 
- WSJ also reports John Williams is front-runner for the more important role of
NY Fed President. It will give Williams (currently hawkish) a permanent vote on
the FOMC.
- US swap spreads are marginally wider in the 10 and 30Y tenors.
- There are the usual 3m and 6m bill auctions later but combined with USD30bln
of 2Y notes. Economic data is very limited with only the Dallas Fed national
activity index.
- 

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