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Relative quiet start to week despite...>

US TSY FLOWS
US TSY FLOWS: Relative quiet start to week despite global risk-off move on
US/China trade and geo-pol concern pick-up. Late risk-off unwinding as equities
pare losses, slow react to US/China trade headlines that representatives will
still meet in DC this week. Otherwise data focus still on April CPI data Fri.
- VIX well off highs at 15.10 (+2.23; 18.80H); equities well off lows, SPX
-10.50 at 2937.0 vs. 2883.5L.
- Much better volume in first half. Two-way flow on net with prop, fast- and
real$ selling 2s-10s, light deal-tied hedging, swap-tied buying in long end
earlier. 3M10Y flattener unwinds.
- On tap for Tuesday: Redbook retail sales m/m; JOLTS job openings level and
quit rates for March; May IBD/TIPP Optimism Index; March consumer credit.
- The 2-Yr yield is down 2.6bps at 2.3067%, 5-Yr is down 3bps at 2.2933%, 10-Yr
is down 2.5bps at 2.4998%, and 30-Yr is down 1.1bps at 2.9077%.

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