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### POV: RISK-METRIC NEVER WENT ANYWHERE....>

US TSYS
US TSYS: ### POV: RISK-METRIC NEVER WENT ANYWHERE
-  Corporate issuance almost making up for no Tsy supply this week ($45B so far
if nothing new launches today), while Tsy supply resumes next week w/3Y, 10Y and
30Y (size annc'd tomorrow).
- Supply IS playing a role in tethering Tsys futures as various accts/issuers
place hedges. Otherwise Tsys futures would likely be even higher despite
equities holding gains after overnight support w/Asia shares on Hong Kong
extradition bill taken off table. Currently:
- DJIA up 186.44 points (0.71%) at 26118.02
- S&P E-Mini Future up 24.75 points (0.85%) at 2927.75
- Nasdaq up 83.8 points (1.1%) at 7874.159
- Brexit angst (waiting for final vote approval before heading off to House of
Lords for further debate tomorrow) and as well as US/China trade risk metrics
haven't gone anywhere, lending to rates bouncing off lows
Any evaporation of risk that helped get Tsy ylds to new all-time lows last week
is ephemeral. Don't get lulled by late summer malaise.

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