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NatWest's John Briggs, Blake.......>

US TSYS/RESEARCH
US TSYS/RESEARCH: NatWest's John Briggs, Blake Gwinn and Brian Daingerfield said
that with cash 10-year notes having "hit 2.35%, we are much more neutral at
these levels. With market looking technically oversold, eyeing supports such as
2% in 5s, 2.24% in 7s, and 2.40% in 10s." (10Y yield hit overnight high of
2.366% at 10:32pm ET last night.)
- They add that on the Tsys curve, "long term," they "still favor 2s10s
flatteners, our top trade idea for 2017. We continue to hold our tactical 5s30s
steepener, looking for a corrective move near multi-year flats, but anticipate
keeping this trade on a short leash from here."

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