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Since the US market went home,......>

US TSYS SUMMARY
US TSYS SUMMARY: Since the US market went home, the TY contract has flat-lined
and net yield movements have been less than +0.5bp across the entire yield
curve. The yen and the usual risk-trade suspects have been eminently
directionless.
- The worst performing security on the day is the TUZ7 CTD, the Sep-19 with a
0.6bp rise in yield.
- It must be said that swap spreads, breakevens and cross currency basis swap
rates are all almost unchanged. Movements in EGB markets have also been quite
mild.
- Attention is on the $26bln 2Y note auction later today, which will come a few
hours before a Yellen speech in which she will outline views on inflation,
uncertainty and monetary policy. Regarding the 2Y auction, one trader pointed
out "The 2-Year note has already been hurt the most as its around the cheapest
levels since 2008".
- The data calendar is fairly light in the US today.

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