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Quiet end to wk, day after Fed.........>

US TSY FLOWS
US TSY FLOWS: Quiet end to wk, day after Fed raised target range for the federal
funds rate by 25bp, to 2.00%-2.25%. Early risk-off rate bid on renewed Italy
angst after Thu's budget meet 2.4% deficit higher than exp), BTPs wider vs.
Bunds (5Y appr 45.0), peripherals wider in general. US$ strong but off early
highs, DXY +.235, 95.129 vs. 95.366H while Euro bounced to just above 1.160.
- Long end bid evaporated as equities recovered, curves bent steeper. Sources
noted fast$ and prop acct selling intermediates, real$, bank bids below while
overall volume rather muted since the open. Little change in sovereign spds,
notably Italy vs. Bunds holding near session highs all session.
- Month/Qrtr/fiscal yr end extension buying supported short-intermediates,
curves bent steeper w/Bonds extending session lows late; late Block buys +12k
FVZ 112-15.5, +4.5k TNZ 126-20. Chatter deal-tied sales ahead potential Comcast
issuance next week.
- Ongoing political headline distractions: SCOTUS Kavanaugh vote delayed week
for further allegation investigation. Note, China out next week for National Day
holidays will dampen volume a little.

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