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Rates bumping around recent session....>

US TSY FLOWS
US TSY FLOWS: Rates bumping around recent session highs, extending gains as
equities slip to new session lows over the last few minutes. SPX -10.0, 2628.25
vs. 2647.5H; US$ index strong (DXY +.495, 96.618 -- back to Jan 3 highs.
- Quiet risk-off heading into the partisan Senate votes over stopgap spending
bills to end partial govt shutdown -- neither expected to pass. Brief dip in
rates on WH advisor Kudlow headline (perhaps) telegraphing strong jobs Jan
number ahead next week's release.
- Rates showed little react to largest data drop of the week. Risk-off gained
momentum after earlier Wilbur Ross headline re: China trade that a resolution
w/US was "miles and miles" away. Headline bark worse than the story bite?
Ensuing headline that Ross thinks "fair chance" a China/US trade deal will be
made softened stance.
- Flow includes two-way in 2s-5s, deal-tied selling in 3s and 5s, prop and real$
buying intermediates, real$ and bank buying 30s.
- Tsy cash/ylds: 2Y 99-28.38 (2.556%), 5Y 100-12.5 (2.538%), 10Y 103-18.5
(2.705%), 30Y 106-24 (3.028%).

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