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Latest downturn in equities (SPX.......>

US TSY FLOWS
US TSY FLOWS: Latest downturn in equities (SPX 2628.5L), on back of FANG stocks
getting hit (Apple lower on day, reports earnings after close). Tsy futures
taking cue, risk-off buying pushes futures to new session highs.
- Despite the disk-off tone on heels of weak consumer confidence data, ranges
are moderate with many squared up and plying sidelines ahead data and risk
events in latter half of week (ADP private jobs, FOMC, FOMC).
- First half flow includes prop, fast$ selling 5s and 10s, leveraged acct
two-way in long end. Moderate deal-tied selling vs. option acct buying in fronts
to intermediates. Light curve flow two-way.
- Tsy cash/ylds: 2Y 99-27.75 (2.567%), 5Y 99-24 (2.550%), 10Y 103-14.5 (2.719%),
30Y 106-07.5 (3.054%).

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