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Relative quiet start to shortened...>

US TSYS SUMMARY
US TSYS SUMMARY: Relative quiet start to shortened Easter holiday week (early
close Thursday, Friday closed). Limited data (US DALLAS FED: MAR MFG INDEX 21.4
VS FEB 37.2), Tsys absorbed $51B Tsy 3M bills, $45B Tsy 6M bills and $30B Tsy 2Y
notes, the latter tailing slightly after yielding 2.310%. 
- Tsy reacted more to risk-on/off in relation to positive overnight headlines
where China looking to avert trade war/speed up negotiations w/US, S Korea also
revising trade deal on steel. Tsys came under pressure as equities surged
(notably correlated to moves in Facebook (FB) as shares declined on open FTC
investigation news, rebounding in second half.
- Mixed two-way flow on net, carry-over bank and real$ buying long end into
midday, corporate deal- and auction-tied hedging/unwinds. Modest option tied
flow.
- Swap spds steady/mixed, Decent receiving
in 1s earlier, paying in 2s, 5s and 6s, 3Y-5Y-7Y Fly, paying the belly, modest
deal-tied flow.
- Late ylds: 2Y 2.275%, 3Y 2.435%, 5Y 2.633%, 7Y 2.767%, 10Y 2.841%, 30Y 3.070%

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