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Risk-appetite reemerged around the.....>

US TSY FLOWS
US TSY FLOWS: Risk-appetite reemerged around the FI market close, Tsys
mixed/extending lows after the bell as equities regained footing (DJI +300.0,
SPX +21.0, NDX +108.0). Apparently not headline driven -- possible reversal tied
to month-end and/or re-allocation flow ahead shortened pre-holiday trade next
week.
- Markets had traded higher all day, if on an inside range after initial rally:
Tsy futures marked new session highs post data then just as quickly reverse to
pre-open lows, fast chop/two-way trade with levels rebounding back near highs
again, continuing claims going in right direction, weekly not so much. Virus
headlines (AZ cases +3056 vs. 1795; TX halts new re-open phases) remained
supportive of rates.
- Three for three -- US Tsy $41B 7Y Note auction (912828ZV5) stops 5bp through 
w/ 0.511% awarded rate (0.553% last month) vs. 0.516% WI; 2.49 bid/cover vs.
2.55 prior.
- The 2-Yr yield is down 0.6bps at 0.1818%, 5-Yr is up 0.9bps at 0.3241%, 10-Yr
is down 0.7bps at 0.6724%, and 30-Yr is down 1.3bps at 1.4165%.

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