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Rates trade firmer, at/near late.......>

US TSY FLOWS
US TSY FLOWS: Rates trade firmer, at/near late overnight highs albeit on modest
volume, TYU just over 200k. Relative quiet start to busy week, focus on Wed's
FOMC policy annc where 25bp cut widely expected/priced in (would be first rate
cut since Dec'08.
- Overnight flow includes fast$ and prop acct buying 5s, two-way in 10s earlier
w/better buying on the follow through, swap-tied buying intermediates, 10s30s
steepener unwinds.
- Eurodollar futures, lead quarterly gained after latest 3M LIBOR set' dropped
-0.0107 to 2.2550% (+0.0136 last wk), buyer 15k EDU 97.835-.845 post set.
- The 2-Yr yield is down 1.4bps at 1.8379%, 5-Yr is down 1.3bps at 1.8338%,
10-Yr is down 1.6bps at 2.0546%, and 30-Yr is down 1.8bps at 2.574%.

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