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Rates hold at/near top end broad.......>

US TSY FLOWS
US TSY FLOWS: Rates hold at/near top end broad range after blowing past early
overnight highs after ISM failed to meet exps by a large margin (54.1 vs. 57.8).
Heavy volume (TYH>2.27M) as ylds recede (10Y 2.559%), yld curves steeper but off
highs.
- Early kick-off, Tsys gapped higher in react to "flash-crash" in US$/Yen to
104.87 late Wed after trading above 109.0 most of day (107.88 at moment). Drop
in equities (esp AAPL) added to risk-off tone, SPX -55.0 at 2456.0 late.
- Tsys had pared gains this morning after ADP figure came out strong (+271K),
but Nov down revision to 157k vs. 179k. Drawdown in inflation expectations
spurred heavy buying in Eurodollar futures.
- Fast$, props faded the post ADP move, buying dip in 5s-10s prior to ISM move,
real$, bank portfolio and levered acct buying across curve following ISM miss,
decent swap-tied buying in shorts to intermediates vs. deal-tied hedging as corp
issuance returned. 
- Tsy cash/ylds: 2Y 100-06.5 (2.393%), 5Y 101-05.75 (2.371%), 10Y 104-28.5
(2.559%), 30Y 109-10.5 (2.905%)

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