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Rates retreat as week opener's.........>

US TSY FLOWS
US TSY FLOWS: Rates retreat as week opener's risk-off tone cools, Trump admin
attempts to contain US/China trade war angst. VIX reverses (-2.65,
17.90/19.65H); equities regain appr half Mon's selloff (ESM9 +38.0, 2845.0); Tsy
yld curves steeper with 3M10Y rebounding from extended inversion earlier
(+3.312, 2.572, L: -2.394 / H: 2.908).
- Dearth of relevant economic data again, main focus on Wednesday: April retail
sales; May Empire Manufacturing Index; April industrial production/capacity
utilization; March business inventories; May NAHB home builder index; TICS data.
- Flow includes Jun/Sep Tsy rolling as volume gradually accelerates, moderate
deal-tied hedging, fast$ two-way in front end, real$ and program sellers
intermediates to long end.
- The 2-Yr yield is up 1.6bps at 2.2047%, 5-Yr is up 1.7bps at 2.1998%, 10-Yr is
up 2bps at 2.421%, and 30-Yr is up 2.1bps at 2.8571%.

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