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Rates remain strong, chopping just.....>

US TSY FLOWS
US TSY FLOWS: Rates remain strong, chopping just off top end of 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>2.1M) as ylds recede (10Y 2.575%), yld
curves steeper/off highs.
- Early kick-off, Tsys gapped higher in react to "flash-crash" in US$/Yen to
104.87 late Wed after trading above 109.0 most of day (107.88 at moment). Drop
in equities (particularly AAPL) contributed to surge in risk-off tone. 
- Tsys had pared gains this morning after ADP figure came out strong (+271K),
but Nov down revision to 157k vs. 179k. Drawdown in inflation expectations
spurred heavy buying in Eurodollar futures.
- Fast$, 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 100-05 (2.419%), 5Y 101-01.25 (2.401%), 10Y 104-23 (2.578%),
30Y 109-08.5 (2.907%)

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