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Risk on, Tsys weaker, curves steeper...>

US TSY FLOWS
US TSY FLOWS: Risk on, Tsys weaker, curves steeper in reaction to NAFTA 2.0
agreement between US and Canada. Equities surging, US$ stronger but off early
highs, DXY +.087, 95.219 vs. 95.323H while Euro bounced to just above 1.160. Sov
spds mixed vs. Bunds, BTP 5Y +10.1. Note, China out this week for National Day
holidays.
- ISM, Construction Spending, Motor Vehicle Sales data kicks off the fourth
quarter of 2018 early Monday/Tuesday, early Wednesday's ADP private employment
may give some insight ahead Friday's headline September employment data. October
will likely be an active month for trade, usually the case with markets slowing
down ahead Thanksgiving and Christmas holidays, not to mention position wind-up
or -down as the case may be, ahead U.S. midterm elections on Tuesday, November
6.
- Decent volume (TYZ>380k), fast$ and prop selling 3-5s, macro fund selling 10s,
FX-tied sales intermediates, deal-tied sell interest ahead potential $20B
Comcast multi-tranche issuance.

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