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Rates trading mostly higher by......>

US TSYS SUMMARY
US TSYS SUMMARY: Rates trading mostly higher by midday, long end outperforming,
near moderate session highs after a weaker open. Quiet start to wk, low volume
(TYM<650k at moment) with much of Asia out for holiday (China closed Mon, Tue
for Labor Day holiday, Japanese mkts closed Mon, Thu and Fri for public
holidays). Tsy 10Y yld -.013, 2.9438%.
- US$ index mildly higher (DXY +.212, 91.754; US$/Yen 109.18); equities
weaker/off early highs (emini -11.0, 2660.5); gold weaker (XAU -6.83, 1316.52);
West Texas crude stronger (WTI +0.41, 68.51), rebounding on increased geo-pol
tensions in mid-East as Israeli forces strike Syrian targets, to hold conf
tonight on Iran. 
- Geo-pol/mid-East tensions leant to risk-off bid in rates, cross-mkt support
from EGBs as Bunds rallied as well; month-end buying, two-way from fast$ in
short end, corp deal-tied hedging, rate receiving in 2s, 4s and 5s, curve
flatteners/steepener unwinds in 2s and 5s vs. 10s.
- Limited react to data on tap includes personal income (0.3%), US$ PCE (0.2%),
and Apr MNI Chicago PMI (57.6). FOMC policy annc on Wed, Apr NFP on Fri.

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