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Recapping recent events roiling FI and FX...>

US TSYS
US TSYS: Recapping recent events roiling FI and FX markets:
- Flash crash in US$/Yen early Wednesday evening down to 104.87 (currently
107.79); 10YY fell to 10.62% on sharp risk-off rally that ensued. Extraneous
contributing factors: 
- Slowing global growth, drawdown in inflation expectations, pick-up in research
weaker global PMIs
- Increased pressure on money market pricing
- Note the Secured Overnight Financing Rate (SOFR): 3.15% vs. 3.00% prior,
$1.092T NEW VOLUME HIGH
- Equity tie-in: AAPL sell-off -- China boycott of Apple products in China
(perhaps not surprising given $1000 cost of latest and greatest. Additional
chatter of retaliatory action (official/unofficial) tied to Huawei/ZTE, and
exacerbated by ongoing trade war.
In light of the above factors, some accts are fading this mornings post ADP
react, buying the dip in rates, adding to further risk-off insurance ahead Fri's
Dec employ data.

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