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Rates trade weaker into Thu's close,...>

US TSY/RECAP: Rates trade weaker into Thu's close, well off session lows with
long end inching off lows since the London close, yield curves continue to
flatten as short to intermediates lag the move heading into Fri's NFP (+190k
exp, +214k whisper). Fairly modest volume with many desks hitting exit early as
blizzard hits East coast. 
- Modest US$ rebound helped spur early selling, as did surge in equities w/Dow
breaching 25,000 for first time to 25105H, emini +15.0 to 2726.0; gold surged
over $9.70 to 1322.90; West Texas crude topped 62.0 overnight, new 2.5Y highs. 
- ADP private employ data surprise, +250k vs. +190k est, spurred modest selling
into open; weekly claims +3k to 250k for final week of 2017. 
- Decent pick-up in high-grade corporate and supra-sov issuance, Rep of
Argentina launched $9B 3-parter late. Rate paying in 2s-10s, decent flurry
various flys, paying belly - Heavy short end Eurodollar futures selling, EDH8 &
EDZ8 both over 400k. Short cover, position squaring flow on thinning mkt depth
as East coast storm worsened into midday, 2s10s flattener unwinds.
- T-Notes down 1 tick in Asia at 123.20+, 10-Year yield last up 0.5bp at 2.458%

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