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Not the most exciting overnight.....>

US TSYS SUMMARY
US TSYS SUMMARY: Not the most exciting overnight trading session for Treasuries
and the TY contract has been stuck in a 126-04+ to 126-07 range since Europe
went home yesterday evening. 
- Most movement is within the bill market where the debt ceiling issue is making
its presence known. Early in European trading, the late October bills jumped
another 1bp and are firmly trading at higher yields than November maturities. 
- Along the yield curve, the double-old 10Y is the weakest performer on Tuesday
morning as the sector sees some prepping ahead of the 10Y note re-funding
auction due on Wednesday. The Bond sector, from the Ultra contract and above, is
making a mild outperformance. 
- There is some widening of short-dated swap spreads, mainly below the 5Y sector
perhaps in the hope that after the BAT issuance, the corporate calendar will
subside.
- Economic data is decidedly second tier and it is only the 3Y note auction
later that provides some relief from otherwise lacklustre trading.

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