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US TSYS SUMMARY

Generally quiet low volume session (TYZ<685k after the bell) tepid unwind of the week opener's risk-on move with accts squaring up and hitting the sidelines ahead tonight's presidential debate (2100-2230ET).

  • Data risk ahead includes ADP private employment Wednesday (642k), weekly claims Thursday (850kest; 12.2M continuing claims) and September employment data on Friday (+859k est)
  • Midday rally: Tsy futures made new session highs, equities weaker as sources pointed to NY virus positivity rate increase to 3% vs. 1% just a few days ago. NY public schools will reportedly close if rate remains at or above 3% for seven days.
  • Session flow included decent deal-tied hedging vs. >$10B swappable corporate issuance, two-way flow with better prop and bank portfolio buying in intermediates.
  • The 2-Yr yield is down 0.2bps at 0.123%, 5-Yr is down 0.6bps at 0.2516%, 10-Yr is down 0.3bps at 0.6495%, and 30-Yr is up 0.1bps at 1.4155%.
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