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Some Cheapening Observed

US TSYS

Cheapening has kicked in during recent trade, with no overt headline drivers, leaving TYM2 -0-02 at 118-00, 0-02+ off fresh session lows. Hard to pin down a clear trigger with speculation doing the rounds re: Japanese driven moves after the 3-day Tokyo holiday. The front end has led the way lower in cash Tsy trade, with 2s through 7s running 4bp cheaper, while 30s are ~3bp cheaper on the day, resulting in light bear flattening.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com
MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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