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Rates Hold Weaker, Two-Way Flow

US TSY FLOWS
Tsys holding weaker levels, near middle of session range on decent volume (TYH1>1M already). Bonds bouncing last couple minutes -- while Fed Chairman Powell comments largely echo Tue's bear, latest "Taper need not be disruptive event in markets" appears to be spurring some sell unwinds.
  • Trading desks have also reported decent real$ buying in 2s and 30s, better deal-tied rate-locks in 10s and 30s in the first half.
  • 30YY currently 1.8220% vs. 1.8430% high

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