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### POV, Geo-political concerns main........>

US TSYS: ### POV, Geo-political concerns main driver for risk-off tone this
morning after US pres Trump tweets re: Syria/Russia and potential retaliatory
strike for latest gas attacks against opposition forces. 
- Broader implications for US mkts, accts wary of committing capital to longer
term positions that are likely less liquid/not easily unwound in event of
growing losses. Accts large and small increasingly skittish of placing longer
term bets amid continued (or growing) uncertainty generated by Trump admin. 
- Most active accounts have limited the time horizon of their new positions to
the short term, while longer term bets are evaluated constantly for risk
potential. Trades generating largest volumes are more in reaction to the short
term spikes in volatility while longer term views appear to be limited to
whether June 13 FOMC will announce a rate hike (MNI PINCH POIS based model
pricing in over 92% chance of another .25bp hike compared to Bloomberg model of
82.8%). Curves watched for short end inversion to extend to longer issues.
Revisiting week-ago levels, 10Y yld slips to 2.7589 (-0.042) post data, compares
to 2.7189% low for month on April 2. 

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