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(Q2) Trend Outlook Remains Bullish


E-MINI S&P (U2): Resumes Its Downtrend

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US SWAPS: Spds running mostly wider, spd curve mildly steeper amid flurry of
light receiving in 2s, 3s and 5s over last hour, small payer in 10s at 2.34634%.
Latest spread levels:
* 2Y  +0.00/21.38
* 5Y  +0.50/7.62
* 10Y +0.38/-1.69
* 30Y +0.25/-26.25
Wednesday recap: Spd curve on highs after steepening sharply post refunding
annc. Flows include flattener unwinds vs. 30s, outright paying by specs, real$
and banks in 10s and 30s, receiver unwinds as well. Hedge fund payers in long
end followed by some prop and fast$ profit taking. Second half included sporadic
curve steepener adds, long end rate and spd paying from real$ and insurance
portfolios. Gist of move that Treasury Borrowing Advisory Committee (TBAC)
agreed Tsy should bill¬e issuance in short end (2-5s), while long end
issuance should hold steady so weighted average maturity not be "materially"
changed. Long end swap spds gapped wider - Sep'15 highs. 
MNI Chicago Bureau | +1 312-431-0089 |
MNI Chicago Bureau | +1 312-431-0089 |

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