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Quiet end to a hectic headline-risk....>

US TSY FLOWS
US TSY FLOWS: Quiet end to a hectic headline-risk driven week. Revering
overnight bid, sell momentum gained early NY trade, breached late Thu lows react
to nebulous trade headlines such as WH" very optimistic will reach a trade deal
with China soon." 
- Despite heavy volume by midmorning (TYZ>1M) mkts remained very skittish
w/algo's easily triggered by trade headlines. Tsys gaped off lows as Trump said
he hadn't agreed to tariff rollback to seal phase 1 deal (early hawkish trade
comments from WH Nevarro largely ignored).
- Additional support partially driven by Global Times editor tweet, excerpt:
"What's certain is that if there's no rollback of tariffs, there will be no
phase 1deal." In derivatives, downside put skew that surged yesterday is seeing
gain in call skew as underlying gains ground.
- Two-way flow, position squaring ahead extended holiday weekend, Dec/Mar Tsy
roll gradually picking up. Early Eurodlr Block +7k Red packs (EDZ0-EDU1). 
- The 2-Yr yield is down 0.5bps at 1.662%, 5-Yr is up 0.1bps at 1.7307%, 10-Yr
is up 1bps at 1.9277%, and 30-Yr is up 1.7bps at 2.414%.

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