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Rates trade softer, near low end.......>

US TSY FLOWS
US TSY FLOWS: Rates trade softer, near low end narrow range after extending
highs in the first half. Relatively quiet week opener, TYM>1.1M.
- Tsy yld curves mostly flatter, 3M10Y off early inversion (+2.911 at 3.657,
L:-0.22/H:4.012). While exchange traded FI implieds inch lower, CBoE vol index,
VIX, gains (+.96, 16.92); equities extending lows in late trade (ESM9 -26.0).
- Session flow includes deal-tied hedging, props and fast$ two-way on net,
buying short end early, leveraged acct selling 5s, real$ selling 10s.
- On tap for Tuesday: May Philly Fed Nonmfg Index; Redbook retail sales m/m;
April existing home sales.
- The 2-Yr yield is up 2.3bps at 2.2208%, 5-Yr is up 2.8bps at 2.2012%, 10-Yr is
up 2.1bps at 2.4122%, and 30-Yr is up 0.7bps at 2.8323%.

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