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Quiet end to the week -- belying the...>

US TSY FLOWS
US TSY FLOWS: Quiet end to the week -- belying the heavy volume posted in Tsy
futures. Over 50% avg volumes due to ongoing heavy Dec/Mar roll activity ahead
next week Friday's first notice date (Mar futures take lead) as well as Dec
option expiration (substantive pin-risk in FVZ-USZ).
- Take roll volume out of the equation and trade was muted w/position squaring
headed into weekend and next week's Thanksgiving holiday close on Thursday,
early close Friday.
- Trade headlines wagged markets all week, risk-off undertones remained the
underlying theme despite some placating missives sparsely sprinkled about by the
Trump administration.
- The 2-Yr yield is up 2.3bps at 1.6277%, 5-Yr is up 0.9bps at 1.6274%, 10-Yr is
unchanged at 1.7723%, and 30-Yr is down 1bps at 2.2216%.

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