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US TSY/RECAP

Interesting day with a lot of moving parts (if not exactly
a lot of volume). Rates kicked off with a decidedly risk
off tone: well bid (TYU broke second res of 140-00;
10YY fell 0.360 to 0.5380%), while equities traded
broadly weaker. Negative risk tone spurred partly by
Pres Trump tweeting Nov elections be postponed due
to virus spd, and warning mail in ballots could not be
trusted. Bipartisan push back on notion of delay as
non-constitutional law pundits searched Art II dets.
Equities started bounce ahead noon on Miami/Dade &
Houston virus counts better than exp. Stops triggered
on way up. Dow still weak, eminis, NDX bounced back
to positive territory after Alphabet, Amazon, Apple &
Facebook all reported strong earnings.

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